If a $1 increase in price leads to a 3-unit decrease in quantity demanded, then demand must be elastic
Indicate whether the statement is true or false
F
Economics
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The recessionary gap is given by the difference between potential GDP and real GDP
a. True b. False Indicate whether the statement is true or false
Economics
____________ is a state of preferring a certain return to an uncertain prospect that generates the same expected return.
Fill in the blank(s) with the appropriate word(s).
Economics
Suppose there are 51 firms in a market. The largest firm has sales of $50 million and each of the other firms has sales of $1 million. The Herfindahl-Hirschman Index of this industry is
A. 2,501. B. 2,500. C. 50. D. 2,550.
Economics
What do we mean by "property rights" and why are they important?
What will be an ideal response?
Economics