The estimated price-cost margin of 11.9 percent in the market for broiler chickens in 1992 suggested that there was a high degree of competition in that industry
Indicate whether the statement is true or false
TRUE
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The present value of $525 received one year from today, assuming an annual rate of return of 5 percent is
a. $551.25 b. $525 c. $500 d. none of the above
In measuring GDP, which of the following is included?
A) the value of durable consumption goods but not the value of nondurable consumption goods. B) the value of preparing meals at home C) the value of stocks and bonds bought and sold D) the value of increases in business inventories E) the value of used goods when they are sold
The "law of supply" refers to the fact that, all other things remaining the same, when the price of a good rises
A) the supply curve shifts leftward. B) the supply curve shifts rightward. C) there is a movement up along the supply curve to a larger quantity supplied. D) there is a movement down along the supply curve to a smaller quantity supplied.
Using the point method, the absolute value of the price elasticity of demand for the demand curve P=32-Q, when P=24 is
a. 3 b. 12 c. .33 d. .08 e. none of the above