Each of the following is a determinant of demand except
a. tastes.
b. production technology.
c. expectations.
d. the prices of related goods.
Answer: b. production technology.
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If the cross elasticity of demand between two goods is negative, are the goods substitutes or complements?
What will be an ideal response?
Which factors explain labor productivity?
A) diminishing returns; the quantity of labor per hour worked B) diminishing returns; the quantity of capital per hour worked C) technological change; the quantity of capital per hour worked D) technological change; the quantity of labor per hour worked
Because cartel firms produce a quantity that ________ maximize their own firm's profits, there is an incentive to ________.
A) does; produce more than the agreed upon amount B) does not; produce less than the agreed upon amount C) does; act in self-interest D) does not; act in self-interest
Organizations that survive over time
A) will never change in the future. B) are efficient. C) will be forced to become horizontal. D) are inefficient.