For the monopolistic competitor, MR = P
a. True
b. False
Indicate whether the statement is true or false
False
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Economists would largely motivate employees by appealing to their
A) compensation. B) need for time off. C) intrinsic motivation. D) none of these choices.
If there was no profit effect, but there was a misperception effect in the short run, then SRAS is ____ and LRAS is ____
a. upward sloping; upward sloping b. upward sloping: vertical c. vertical; upward sloping d. vertical; vertical
If the supply of a good is relatively inelastic, this means that the quantity supplied of the good is
a. not very sensitive to the price of the good. b. highly sensitive to the price of the good. c. unrelated to the price of the good. d. none of the above.
In Figure 5-3, the price elasticity of demand equals __________ between points T and U and equals __________ between points V and W
a.
0.33; 1.86
b.
0.54; 3
c.
3; 0.54
d.
1.86; 0.33
e.
2; 2