The value of price elasticity of demand for a good with no close substitutes
a. will tend to be greater than -1 (e.g., -0.03)
b. will tend to be less than -1 (e.g., -4)
c. will tend to be equal to -1
d. will tend to be equal to 0
e. cannot be determined without more information
A
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A) nothing. B) a fixed quantity of gold. C) a variable quantity of gold. D) a specific interest rate. E) a variable interest rate.
What are some criticisms of the CPI as a measure of inflation?
A firm employs 15,000 workers and has annual revenues of over $750 million. Knowing this, we also know that the firm is in what type of market structure?
a. monopoly b. oligopoly c. monopolistic competition d. perfect competition e. impossible to tell what market structure the firm is in
According to new classical economists, the most appropriate policy during a recession would be for the government to
a. increase the minimum wage. b. impose wage and price controls. c. cut taxes and increase the budget deficit. d. do nothing.