Answer the following statement(s) true (T) or false (F)
1. The extent to which a change in price affects quantity demanded may vary considerably from product to product and over the various price ranges for the same product.
2. A demand curve, or a portion of a demand curve, can be elastic, inelastic, or supply elastic.
3. A good is elastic if the percentage change in quantity demanded is greater than the percentage change in price.
4. A good is inelastic if quantity demanded changes proportionally less than the price changes
5. The steeper the demand curve passing through a given point, the more elastic the demand.
1. True
2. False
3. True
4. True
5. False
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Disparate treatment refers to:
a. the treatment of individuals on the basis of their race, sex, color, religion, or national origin. b. the treatment of individual workers on the basis of their opportunity costs. c. the treatment of individual workers on the basis of their marginal productivities. d. discriminatory treatment of the individuals due to lack of correct information. e. the discriminatory treatment of firms by the trade unions.
Excludable goods are those goods that a person can be prevented from consuming
a. True b. False Indicate whether the statement is true or false
Suppose a firm uses workers and office space to produce output. The firm is locked into a year-long lease on its office space, but it can easily vary the number of employee-hours it uses each day. The accompanying table describes the relationship between the number of employee-hours the firm uses each day and the firm's daily output. Each unit of output sells for $2, the hourly wage rate is $14, and the rent on the office space is $50 per day. Employee-Hours Per DayOutput Per Day0014048091201516023200 When the firm uses 9 employee-hours per day, it earns a daily ________ of ________.
A. profit; $64 B. profit; $114 C. loss; $64 D. loss; $114
The higher the interest rate, the lower the present value.
Answer the following statement true (T) or false (F)