What does the slope of the budget line equal?
What will be an ideal response?
The slope of the budget line equals an opportunity cost. It is the same as the opportunity cost of the good measured along the x-axis. It also equals a relative price. In particular, it is the same as the relative price of the good measured along the x-axis.
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Skill-biased technological change increases wage inequality by altering the ________ high-skilled workers relative to low-skilled workers.
A. reservation price of B. supply of C. demand for D. mobility of
What are the major components of M1? What are the major components of M2? Describe each component
What will be an ideal response?
Demand is elastic if the price elasticity of demand is greater than 1
a. True b. False Indicate whether the statement is true or false
Which statement is INCORRECT with respect to sales promotion and advertising?
A) Perfect competition differs from monopolistic competition in that no individual firm in a perfectly competitive market will advertise. B) A perfectly competitive firm, by definition, can sell all that it wants to sell at the going market price. C) A perfect competitor advertises a product that is different from the products that all other firms in the industry are selling. D) Advertising should be carried to the point at which the additional revenue from one more dollar of advertising just equals that one dollar of marginal cost.