If a firm has a perfectly elastic demand curve, then:
a. it must be a monopoly firm.
b. it can charge any price it desires.
c. the firm has significant market power.
d. the firm has no market power.
e. the firm should shut down.
d
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Any basket of goods that is missing food and energy items is:
A. missing a large portion of consumption. B. missing a small portion of a typical consumer's basket. C. a useless calculation. D. called the retail sales index.
Which of the following statement(s) most likely describes the outcome of a change in price?
a. A change in the price of a good never causes the demand curve for that good to shift. b. A change in the price of a good never causes the demand or supply curve for that good to shift. c. A change in the price of a good never causes the supply curve for that good to shift. d. A change in the price of a good causes the demand and supply curves for that good to shift.
Exhibit 6-2 Refer to Exhibit 6-2. How many persons are not participating in the labor force in year 2?
a. 200 million b. 50 million c. 75 million d. 175 million e. 100 million
According to Maslow's Hierarchy of Needs, physiological is the most basic. What is the need that comes next?
a. Esteem
b. Self-Actualization
c. Belongingness and Love
d. Safety