Economic efficiency requires that Pareto improvements still be possible
a. True
b. False
B
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If demand for lima beans is inelastic, a poor lima bean harvest could increase the total revenue of lima bean producers
a. True b. False Indicate whether the statement is true or false
An example of rent-seeking behavior would be:
a. streamlining production processes. b. lobbying legislators in charge of drafting business legislation. c. engaging in price discrimination. d. keeping prices below the profit maximizing level.
When investors become irrationally optimistic that an asset's price will continue to rise, it causes a financial bubble to:
A. become doubted by most serious investors. B. start to inflate. C. be on the verge of bursting. D. burst.
Refer to the above table. What is the absolute price elasticity of demand when price changes from $6.00 to $6.50?
A. 0.60 B. 1.00 C. 0.65 D. 1.60