As the amount of time a consumer has to adjust to a change in price increases, so does the price elasticity of demand for a good
Indicate whether the statement is true or false
TRUE
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Bob's Lawn Care Services is a perfectly competitive firm that currently mows 22 lawns a week. Bob's marginal cost exceeds the price he charges. Bob can increase his profit if he
A) charges a higher price. B) charges a lower price. C) mows fewer than 22 lawns a week. D) mows more than 22 lawns a week.
When property rights are poorly defined,
a. positive or negative externalities may result b. the market cannot generate an equilibrium price c. the market price becomes highly unstable d. the market must be relied upon to generate efficient allocation of resources e. no externalities can exist
How many important functions does money have in the economy?
a. eight b. one c. two d. four
A decrease in the expected future income of the United States would likely:
A. shift its AD curve to the left. B. shift its AD curve to the right. C. make its AD curve steeper. D. make its AD curve flatter.