An individual's demand curve for a good is ____ her marginal utility curve for the good
a. based on
b. the mirror image around the vertical axis of
c. twice as steep as
d. half as steep as
a
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According to the text, the price elasticity of demand for oranges has been estimated to be -0.62. This implies that a doubling of the price of oranges would cause the quantity demanded of oranges to:
A) increase by 6.2 percent. B) decrease by 6.2 percent. C) increase by 62 percent. D) decrease by 62 percent.
The last time the U.S. Post Office raised its prices for mail service critics of the rate increase argued that the Post Office's revenues would actually decline as a result of the price increase. It can be concluded that:
A) both groups believe demand is elastic, but for different reasons. B) both groups believe demand is inelastic, but for different reasons. C) the Post Office believes demand for mail service is elastic; opponents of the price increase believe demand is inelastic. D) the Post Office believes demand for mail service is inelastic; opponents of the price increase believe demand is elastic.
Which of the following is a lesson concerning shifts in aggregate demand?
a. they contribute to fluctuations in output. b. in the long-run they change real output, but not the price level. c. policymakers are unable to mitigate the severity of economic fluctuations. d. All of the above are correct.
The primary antitrust statute in the United States is the
A) NLRA of 1935. B) SEC Act of 1933. C) Sherman Antitrust Act of 1890. D) Federal Reserve Act of 1913.