On a given linear demand curve, as price increases demand becomes ________:
A. more variable.
B. more negative.
C. less elastic
D. more elastic.
Answer: D
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Which firm is not dealing with adverse selection
a. a manufacturer forgoes a usual 90 day probationary period for new employees b. a temporary clerical agency requires a typing test c. a manufacturer requires suppliers to be ISO 900 . certified d. Smokers get the worse life insurance rates as non-smokers
Economies of scale: a. are the result of a diminishing marginal product
b. pertain to the long run only. c. refer to the increase in output that results from the increased utilization of a single input. d. imply that the average total cost curve will fall continuously as output increases in the short run.
Diminishing marginal utility suggests that
a. more is always preferred to less. b. the well-being of society is maximized when the distribution of income is equal. c. the poor are less efficient at spending money than the rich. d. the poor receive more satisfaction from the last dollar spent than the rich.
Given that a country's real output has increased, in which of the following cases can we be sure that its productivity also has increased?
a. The total number of hours worked rose. b. The total number of hours worked stayed the same. c. The total number of hours worked fell. d. Both b and c are correct.