Perfectly inelastic demand has an elasticity value of 1.
Answer the following statement true (T) or false (F)
False
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The best test of an economic theory is: a. the rigor of its mathematical formulation. b. its ability to explain and predict
c. the accuracy of its assumptions. d. the level of real-world detail it captures.
Check each of the following that are characteristics of monopolies.
a. P = AR = MR = D b. economies of scale c. ownership of essential resources d. selling an identical product e. legal and other barriers to entry f. price takers g. price setters
Inefficient use of resources is shown on the production possibilities curve
A) by an inward shifting of the curve. B) by a point inside the curve. C) by a point near the top of the curve. D) by a point outside the curve.
According to Okun's law, if the cyclical unemployment rate increases by 3 percentage points, real GDP growth will decrease by about 3 percentage points
Indicate whether the statement is true or false