Refer to Table 6-8. What is the most distinctive feature of the supply curve?
A) The supply curve is horizontal. B) The supply curve is upward sloping.
C) The supply curve is perfectly elastic. D) The supply curve is perfectly inelastic.
D
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What is a monopoly? Can a firm be a monopoly if close substitutes for its product exists?
What will be an ideal response?
Refer to the above figure. Which panel represents what happens in the foreign job market in the short-run when U.S. firms substitute labor outside of the U.S. for labor inside the U.S.?
A) Panel A B) Panel B C) Panel C D) Panel D
You are the manager of a gas station and your goal is to maximize profits. Based on your past experience, the elasticity of demand by Ohioans for a car wash is ?3, while the elasticity of demand by non-Ohioans for a car wash is ?1.5. If you charge Ohioans $9 for a car wash, how much should you charge a man with a Kentucky license plate for a car wash?
A. $9 B. $15 C. $18 D. $6
If the MPC is 2/3, then 2/3 of the effect of an increase in government purchases on aggregate demand will come from increased consumption
a. True b. False Indicate whether the statement is true or false