The demand curve faced by a pure monopoly is ________.
A. downward sloping
B. upward sloping
C. vertical
D. horizontal
Answer: A
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Explain the differences between frictional unemployment and structural unemployment
What will be an ideal response?
Due to capacity constraints, the price elasticity of supply for most products is:
A) the same in the long run and the short run. B) greater in the long run than the short run. C) greater in the short run than in the long run. D) too uncertain to be estimated.
Which of the following statements correctly describe the elasticities of demand for gasoline and automobiles?
a. The income elasticity of demand for gasoline and automobiles is negative. b. The price elasticity of demand for gasoline is elastic and the cross-price elasticity between gasoline and SUVs is positive. c. The price elasticity of demand for gasoline is inelastic and the cross-price elasticity between gasoline and SUVs is negative. d. The price elasticity of demand for gasoline is inelastic and the income elasticity between gasoline and SUVs is positive. e. The price elasticity of demand for gasoline is elastic and the income elasticity between gasoline and SUVs is negative.
Under a system of marketable pollution permits:
A. firms with lower costs of reducing emissions are likely to sell permits to those with higher costs of reducing emissions. B. environmentalists can decrease pollution by purchasing permits. C. the government can decrease the amount of pollution to the desired level. D. All of these are correct.