nternet sites such as eBay make it easier for sellers and buyers to find one another and, by doing so,
What will be an ideal response?
reduce transactions costs.
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If the demand shifts, then for a profit maximizing monopolist,
A) price will change while quantity will remain constant. B) price will change and quantity will change. C) Both A and B. D) Neither A nor B.
If people were perfectly rational, they would:
A. only care about real prices. B. only care about nominal prices. C. care about both real and nominal prices. D. not care about prices at all.
Why have social scientists accused economists of being imperialistic?
a. Economists in general are better paid than other scholars. b. The tools of economists are used in many different fields. c. Economists tend to have a superior attitude about their field. d. Politicians view economists as being more important than other scholars.
As we move upward along a linear demand curve, the price elasticity of the demand:
A. increases. B. decreases. C. remains the same. D. increases up to the midpoint and then decreases.