Refer to the figure above. What is the quantity supplied in the market when the market is perfectly competitive?
A) 30 units
B) 45 units
C) 60 units
D) 90 units
C
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If a good has an income elasticity of demand greater than 1, one might classify that good as
A) a necessity. B) a luxury. C) unusual. D) inelastic.
Given the information in Scenario 4.3, it would be correct to say that demand is:
A) infinitely elastic. B) elastic, but not infinitely elastic. C) unit elastic (Ep = -1). D) inelastic, but not completely inelastic. E) completely inelastic.
Farmers can choose to produce eggs or milk. If there is an increase in the price of milk then what will be the effect in the egg market?
A. The quantity of eggs demanded will increase. B. Egg demand will decrease. C. Egg supply will increase. D. Egg supply will decrease.
The discouraged worker effect reflects
A. an increase in the labor force. B. a decline in the measured employment rate. C. a decrease in the population. D. an increase in the measured employment rate.