The demand for novels is ________ than is the demand for science textbooks because ________.
A. less price elastic; novels have less available substitutes.
B. less price elastic; novels have more available substitutes.
C. more price elastic; novels have more available substitutes.
D. more price elastic; novels have less available substitutes.
Answer: C
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
In Figure 10-5 above, suppose that a "neutral" technological improvement occurs. This causes a movement of the steady-state point such as from points
A) A to B. B) D to B. C) D to C. D) A to C. E) A to D.
Long-run economic profit does not exist for fixed factors like land because
A) bidding drives up the price of the factor until no economic profit exists. B) there is no market for such factors. C) these factors have L-shaped isoquants. D) these factors will earn economic profits.
All of the following are possible characteristics of oligopoly except
a. free entry into the industry. b. significant economies of scale. c. interdependence among sellers. d. homogeneous product.