A _______ demand curve has a price elasticity of demand that is perfectly inelastic
a. circular
b. horizontal
c. rectangular hyperbola
d. vertical
d
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Consider the market for peanut butter. If there is an increase in the price of peanuts,
A) there is a decrease in the supply of peanuts. B) there is a decrease in the demand for peanut butter. C) there is an upward movement along the supply curve for peanut butter. D) there is a decrease in the supply of peanut butter. E) the supply curve for peanuts shifts rightward.
In part, the increase in the labor force participation rate in the United States over the last 50 years can be attributed to
A) unsuccessful job seekers becoming discouraged workers. B) technological change in the home increasing the time available for paid employment. C) recessionary periods followed by longer expansionary periods. D) early retirement by men in the labor force. E) the large increase in the men's labor force participation rate overcoming the large decrease in the women's labor force participation rate.
Rate of return regulation, as currently applied to many natural monopolies such as public utilities,
A) generally involves the use of price caps. B) gives the firms an incentive to inflate their costs. C) gives the firms an incentive to cut their costs as much as possible. D) generally keeps their prices higher than if they were unregulated monopolists.
For a given technology and a given labor force, labor productivity will be ____ when the capital stock is ____
a. higher; larger b. lower; larger c. lower; unchanged. d. higher; smaller