The elasticity of a straight-line demand curve is the same as its slope
a. True
b. False
Indicate whether the statement is true or false
False
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Lilly Davis has $5 per week to spend on any combination of ice cream and candy. The price of an ice cream cone is $2 and the price of a candy bar is $1. The table below shows Lilly's utility values
Use the table to answer the questions that follow the table. Quantity of Ice Cream Cones Total Utility Marginal Utility Marginal Utility per Dollar Quantity of Candy Total Utility Marginal Utility 1 20 1 20 2 38 2 38 3 52 3 48 4 62 4 54 a. Complete the table by filling in the blank spaces. b. Suppose Lilly purchases 2 ice cream cones and 1 candy bar. Is she consuming the optimal consumption bundle? If so, explain why. If not, what combination should she buy and why?
There is evidence to suggest that slaves were commonly sold and families were often separated
Indicate whether the statement is true or false
Which one of the following is TRUE?
A. The consumer price index measures changes in the average income of consumers. B. Inflation increases the real value of money. C. In the base year, the value of a price index is 100. D. The market basket defined for the consumer price index contains more items than does the market basket defined for the GDP deflator.
If a firm operates in a perfectly competitive market, then it will most likely
A) advertise its product on television. B) take the price of its product as determined by the market. C) have a difficult time obtaining information about the market price. D) have an easy time keeping other firms out of the market.