If more substitutes become available demand tends to become ____ elastic, and over time demand tends to become ____ elastic.
A. more; more
B. less; less
C. more; less
D. less; more
A. more; more
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Imagine that you are an entrepreneur, making designer t-shirts in your garage. Your total cost (in dollars) is given by the equation TC = 300 + 10Q, where Q represents the number of t-shirts you make. If you make 1,000 t-shirts, your average total cost is ________.
A. $1.03 B. $3 C. $10.30 D. $3.10
In the market for euros, the supply of euros (€) is
A) downward sloping, because lower dollar prices of euros mean that U.S. goods are cheaper to Europeans. B) downward sloping, because higher dollar prices of euros mean that U.S. goods are cheaper to Europeans. C) upward sloping, because higher dollar prices of euros means that U.S. goods are cheaper to Europeans. D) upward sloping, because lower dollar prices of euros means that U.S. goods are cheaper to Europeans.
Advocates of the passive approach to government economic policy believe that the government should lower tax rates when there is a recessionary gap
a. True b. False Indicate whether the statement is true or false
To protect economic profits
A) a firm should try to acquire a barrier to entry. B) a firm should limit substitutes. C) a firm should have a patent if possible. D) all of these choices.