Even though price elasticity of demand is always ________, by convention its absolute value is always discussed as a ________.
A. negative; positive number
B. a fraction; whole number
C. negative; prime number
D. positive; negative number
Answer: A
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If the demand for a good is extremely inelastic, a large increase in the cost of supplying it will
A) raise its price substantially and increase the total dollars spent to purchase it. B) raise its price substantially but decrease the total dollars spent to purchase it. C) raise its price very little and decrease the total dollars spent to purchase it. D) raise its price very little but increase the total dollars spent to purchase it.
Which one of the following is NOT a key trade-off a society faces?
A) Who gets the goods and services B) Who produces the goods and services C) Which goods and services to produce D) How to produce
Wages in American industry are very high because of wage laws
a. True b. False Indicate whether the statement is true or false
Prior to attending college, Marvin is offered a lucrative four-year contract as an actor in a daytime soap opera. Assuming that acting and attending college are Marvin's preferred alternatives and that he must choose between the two, his opportunity cost of attending college after receiving the offer ________________, making him ____________ likely to attend college than before he received the
offer. A) increases; less B) decreases; more C) stays the same; equally likely D) increases; more E) ?decreases; less