The price elasticity of demand increases with the length of the period to which the demand curve pertains because:
A. consumers' incomes will increase.
B. consumers will be better able to find substitutes.
C. the demand curve will shift outward.
D. all prices will increase over time.
Answer: B
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Accounting profit is usually larger than economic profit.
Answer the following statement true (T) or false (F)
By 1860,
(a) less than one-third of Southern farmers owned slaves. (b) most of the workers on Northern farmers were hired laborers. (c) immigrants supplied a significant amount of labor to Northern and Southern farmers. (d) all of the above.
Which of the following activities can create a beneficial externality?
a. Parking cars on the road in front of your house. b. Encouraging children to play on the field opposite a hospital. c. Planting colorful flowers in your garden. d. Practicing and playing drums in the morning hours.
Which of the following can shift the labor demand curve to the left?
a. decrease in the price of the good b. increase in the wage rate c. decrease in the wage rate d. increase in MPP e. increase in labor productivity