Which of the following is not correct? A typical production possibilities curve:
A. indicates how much of two products a society can produce.
B. reveals how much each additional unit of one product will cost in terms of the other
product.
C. specifies how much of each product society should produce.
D. indicates that to produce more of one product society must forgo larger and larger amounts
of the other product.
Answer: C
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Everything else held constant, when real estate prices are expected to decrease
A) the demand curve for bonds shifts to the left and the interest rate rises. B) the demand curve for bonds shifts to the left and the interest rate falls. C) the demand curve for bonds shifts to the right and the interest rate falls. D) the supply curve for bonds shifts to the right and the interest rate falls.
A candle manufacturer produces 4,000 units when the market price is $11 per unit and produces 6,000 units when the market price is $13 per unit. Using the midpoint method, for this range of prices, the price elasticity of supply is about
a. 6. b. 2.4. c. 0.4. d. 0.67.
One reason stagflation is difficult to recover from is because:
A. less output requires less inputs to be hired. B. prices tend to adjust more quickly downward than upward. C. wages are sticky downward. D. input prices increase with output prices.
What affects the price elasticity of demand for a monopolist's product?
What will be an ideal response?