If the price elasticity of demand for CSUN sweatshirts is 1.5, then
a. an increase in price will cause total consumer expenditures on CSUN sweatshirts to fall
b. an increase in price will cause total consumer expenditures on CSUN sweatshirts to increase
c. an increase in price will cause total consumer expenditures on CSUN sweatshirts to stay the same
d. a decrease in price will cause total consumer expenditures on CSUN sweatshirts to fall
e. none of the above
a. an increase in price will cause total consumer expenditures on CSUN sweatshirts to fall
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Which of the following is NOT an advantage of firm coordination of economic activity?
A) Firm coordination decreases transactions costs. B) When firms coordinate economic activity, there are no opportunity costs. C) Firms can take advantage of the economies of team production. D) Economies of scope can be realized by firms that produce a range of goods and services that share specialized resources.
A production function defines the output that can be produced
A) at the lowest cost, given the inputs available. B) for the average firm. C) if the firm is technically efficient. D) in a given time period if no additional inputs are hired. E) as technology changes over time.
Studying inflation in the United States from 1970 to 2006 is an example of using
A) randomized controlled experiments. B) time series data. C) panel data. D) cross-sectional data.
The assumption that firms attempt to maximize profits will yield good predictions even if firms sometimes pursue other goals
a. True b. False Indicate whether the statement is true or false