When a customer's need for a product is not urgent, demand tends to be
a. elastic
c. inelastic
b. complementary
d. unit elastic
Ans: c. inelastic
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If the price level increases and workers' money wage rates remain constant,which of the following will occur?
I. The quantity of labor supplied will decrease. II. The real wage rate will decrease. III. The labor supply curve will shift rightward. A) I only B) I and II C) II and III D) I, II and III
Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown in the accompanying figure.
Which of the following is true?
A. Moe has a comparative advantage in economics. B. Moe has an absolute advantage in economics. C. Moe's opportunity cost of studying for each subject is increasing. D. Moe has a comparative advantage in physics.
Figure 3-17
Refer to . When the price is P2, consumer surplus is
a.
A.
b.
B.
c.
A + B.
d.
A + B + C.
What is money?
What will be an ideal response?