Which of the following statements is TRUE?
A) Labor is always a variable input.
B) Capital is always a fixed input.
C) Materials are always variable inputs.
D) None of the above.
D
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Refer to Table 6-4. Which of the following statements is correct?
A) The publisher's analysis is correct only if the demand is elastic. B) The publisher's analysis is correct only if the demand is perfectly inelastic. C) The publisher's analysis is correct only if the demand is unit elastic. D) The publisher's analysis is correct only if the demand is perfectly elastic.
The adverse effects of rent controls include
A) keeping rental rates too high in a normal market. B) excessive construction of new rental housing. C) reduced incentive to construct new rental housing. D) increased incentives for people to purchase their own homes.
A perfectly inelastic demand means:
A. demand will drop to zero if the price increases by any amount. B. consumers will change the quantity they purchase when price changes. C. consumers will not change the quantity they purchase when price changes. D. the demand curve is perfectly horizontal.
Insurance policies in which each firm pays a different price for medical insurance depending upon the past medical bills of the firm's employees are based upon a(n):
A. experience rating. B. community rating. C. asymmetric information rating. D. adverse selection rating.