The table in the textbook shows that income elasticity of food in industrialized nations is
a. higher than in less industrialized nations
b. negative
c. income elastic
d. lower than in less industrialized nations
e. the same as in less industrialized nations because food is an essential good
D
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What is the dilemma faced by firms in oligopoly?
What will be an ideal response?
A tax payable by buyers would shift the demand curve for a good rightward
a. True b. False Indicate whether the statement is true or false
Which of the following led to an increase in the proportion of population filing for income-tax returns from 1971 to 1998?
A. a decrease in the proportion of people filing for returns as "single head of household" B. an increase in the number of senior citizens working at part-time jobs as compared to previous generations C. an increase in the number of people who were unmarried or divorced but had children D. an increase in the population below poverty line
Assume that in the short run a firm is producing 100 units of output, has average total costs of $100, and average variable costs of $50. The firm's total fixed costs are
A) $50. B) $5,000. C) $150. D) $15,000.