The quantity demanded of a good
a. is the amount that would be purchased with an unlimited income
b. is the amount that would be demanded even if income were zero
c. is subject to the buyer's income constraints
d. is a fixed amount unaffected by the buyer's circumstances
e. must match the amount actually purchased in the market
C
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According to the text, which of the following developments have taken place in the American steel industry during the past 40 years?
a. The percentage of steel produced in vertically integrated steel plants has increased. b. The percentage of steel produced in vertically integrated steel plants has decreased. c. More steel makers have integrated vertically into coal mining. d. More steel makers have integrated vertically into iron ore mining.
The emigration of some of Whoville's workers reduces the quantity of thingamabobs supplied at every price by 50 . The new supply curve will ____ the old supply curve
a. be steeper and less elastic at every price than b. have the same slope and the same elasticity at every price as c. have the same slope and be more elastic at every price than d. More information is needed to predict the relationship between the elasticities of the two supply curves.
Economic behavior is always rational
a. True b. False Indicate whether the statement is true or false
A union representing a group of workers will tend to be stronger when
a. there are no good substitutes for the labor services of the unionized workers. b. the domestic producers of the good produced by the unionized workers face intense competition from foreign suppliers of the good. c. the cost of employing the unionized workers is a large part of the total cost of the product that they produce. d. the demand for the good produced by the unionized workers is highly elastic.