If supply is highly elastic and demand shifts to the right:
A. price and quantity will hardly change at all.
B. price will rise significantly; quantity hardly changes at all.
C. price will hardly change at all; quantity will rise significantly.
D. price will rise significantly as will quantity.
Answer: C
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The marginal rate of technical substitution is
A) the rate at which a firm is able to institute positive technological changes to its production process. B) the rate at which a firm is able to increase its output by replacing labor with technology. C) the rate at which a firm is able to substitute one input for another, while keeping the level of output constant. D) the rate at which a firm is able to substitute one input for another, while keeping total cost constant.
Once a bond rating is assigned, it:
A. can only change if the rating change is approved by the securities and exchange commission. B. can change as the financial position of the issuer changes. C. can change on the next bond from the issuer but is fixed for the current bond. D. never changes over the life of the bond.
What do neoclassical economics and behavioral economics believe about giving people options?
A. Both believe that people make better decisions when they are given a greater set of options. B. Behavioral economics focuses on providing more options; neoclassical economics focuses on helping people make more rational decisions with the options available. C. Neoclassical economics focuses on providing more options; behavioral economics focuses on helping people make better decisions with the options available. D. Both believe that people are better off with fewer options, allowing them to spend more time calculating the benefits and costs of each available option.
Marginal factor cost is computed as
A. change in the total cost of the resource/total amount of the resource being used. B. total cost of the resource/total amount of the resource being used. C. total cost of the resource/change in the amount of the resource being used. D. change in the total cost of the resource/change in the amount of the resource being used.