Demand is more elastic for an item for which few substitutes are available.
Answer the following statement true (T) or false (F)
False
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Cindy's Sweaters' production function is shown in the above table. Cindy rents two knitting machines for $30 a day each and hires workers at a wage rate of $40 a day. What is the marginal cost of the 19th sweater?
A) $40.00 B) $20.00 C) $10.00 D) $8.00
If this pollution occurs, the marginal social cost equals the
A) marginal external cost. B) private marginal cost. C) sum of the private marginal cost and the marginal external cost. D) private marginal cost minus the marginal external cost.
economic analysis indicates that high tax rates will
What will be an ideal response?
The simple circular flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through:
A. employment agencies. B. product markets. C. business firms. D. resource markets.