Demand for goods in broader category definitions, such as "beverages", is usually less elastic than demand for more narrowly defined goods, such as "diet colas."
a. True
b. False
A
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The above figure shows the market for labor. The employer is a monopsony. The firm maximizes its profit by hiring
A) 800 hours of labor at a wage of $5 per hour. B) 600 hours of labor at a wage of $10 per hour. C) 400 hours of labor at a wage of $5 per hour. D) 200 hours of labor at a wage of $5 per hour.
An economy that has many unemployed workers and idle factories is not operating efficiently
a. True b. False Indicate whether the statement is true or false
Economists generally favor the use of tradable emission allowances to reduce pollution. However, the use of these allowances has been criticized by some environmentalists. Which of the following describes this criticism?
A) Some environmentalists believe the allowances give firms a license to pollute. B) Some environmentalists believe that the price of allowances is often too high for consumers to afford. C) Some environmentalists believe that Pigovian taxes are a more efficient way to reduce pollution. D) Some environmentalists oppose allowances on legal grounds; they believe the use of allowances is unconstitutional.
___ is Delineating the steps involved in taking potential purchasers from unawareness of a product to readiness to purchase it
Fill in the blank(s) with the appropriate word(s).