If demand is perfectly elastic,
A. The demand curve is vertical.
B. The demand curve is very steep.
C. The demand curve has a zero slope.
D. The demand curve is horizontal.
Answer: D
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Suppose Alexander is successful in establishing a profitable market for his vegan bakery in what is a monopolistically competitive industry. In the long run, Alexander will most likely find it ________ to remain profitable as he faces ________ competition in the vegan bakery market.
A) easier; more B) harder; more C) easier; less D) harder; less
The government's policy of reducing payments for physicians' services has generated a relative
A) increase in the number of physicians in the program. B) reduction in the number of physicians in the program. C) reduction in the demand for medical services. D) increase in the income of the physicians remaining in the program.
Suppose a publisher faces the following costs of producing 10,000 newspapers each month: $5,500 cost of labor; $2,200 monthly mortgage payment; $250 cost of electricity to run the printing presses; $800 for ink and paper; and $200 in city property taxes (based on the value of the building and land). Its total variable costs are:
a. $8,950. b. $8,750. c. $6,550. d. $6,300. e. $5,500.
Which of the following best describes how the U.S. Department of Labor treats discouraged workers in its calculations?
a. They are counted as unemployed members of the labor force. b. They are counted as unemployed but not as members of the labor force. c. They are not counted as unemployed but are counted as members of the labor force. d. They are not counted as unemployed or as members of the labor force.