A horizontal line has an infinite slope
a. True
b. False
Indicate whether the statement is true or false
False
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The greater the price elasticity of demand, the
a. more likely the product is a necessity. b. smaller the responsiveness of quantity demanded to a change in price. c. greater the percentage change in price over the percentage change in quantity demanded. d. greater the responsiveness of quantity demanded to a change in price.
In the figure above, the shift from the short-run Phillips curve SRPC0 and the long-run Phillips curve LRPC0 to the short-run Phillips curve SRPC1 and the long-run Phillips curve LRPC1 is the result of ________ in the expected inflation rate and
________ in the natural unemployment rate. A) a decrease; no change B) no change; an increase C) an increase; an increase D) an increase; no change E) a decrease; a decrease
A discount shoe manufacturer's advertisement suggests that they are almost as good as the name brands but better value. The shoe manufacturer believes that the advertisement will
a. Make the demand for its product more elastic b. Make his customers more price sensitive c. Cause people to directly compare his product to the name brands d. All of the above
Olive Oil Spain is the world's number 1 producer of olive oil, mostly in the southern Andalusia region. But very dry weather there has ravaged olive trees. What affect will the poor weather have on the olive oil market?