A vertical supply curve may be described as being
A) relatively elastic.
B) perfectly inelastic.
C) relatively inelastic.
D) perfectly elastic.
B
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To determine total cost, the business owner must know
A. input quantity and output price. B. output quantity and output price. C. output quantity and input price. D. input quantity and input price.
In the market for cell phones, all of the following would cause the supply of cell phones to change except:
A) an improvement in the technology used to produce cell phones. B) an increase in the cost of labor used to produce cell phones. C) a change in cell phone producers' expectations. D) an increase in the number of buyers in the market for cell phones.
If your bank pays you 6% interest on a savings account and inflation is 2%, your approximate real rate of interest is
A) 2%. B) 4%. C) 8%. D) 12%.
Suppose the Economics Department has a graduation party for its students but as a final test they must show they have learned something about trade. The men are given food when they walk in and the women are given drink. Suppose they have very different preferences where food and drink provide utility. For men U = F?D? . For women U=min(F,D) The contract curve in the Edgeworth box using a
representative man and woman would be a. a right angle connecting the lower left corner with the upper right corner. b. a curve (not necessarily a line) connecting the lower left corner with the upper right corner. c. a line connecting the lower left corner with the upper right corner. d. a right angle connecting the upper left corner with the lower right corner.