Evidence seems to indicate that the demand for many agricultural products
A) has increased much more than supply over the years.
B) is relatively elastic.
C) is relatively inelastic.
D) is relatively income elastic.
E) b and d
C
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The demand curve for labor slopes downward because
a. few workers work at low wages. b. capital has been substituted for labor in most industries. c. of the diminishing marginal product of labor. d. All of the above are true.
Major U.S. exports include automobiles and aircraft
Indicate whether the statement is true or false
Suppose P = 20 ? 2Q is the market demand function for a local monopoly. The marginal cost is 2Q. The firm currently uses a standard pricing strategy. Which of the following will allow the firm to enhance the profits?
A. Engage in commodity bundling. B. Engage in two-part pricing and engage in commodity bundling. C. Engage in two-part pricing. D. Engage in randomized pricing.
The leadership of unions must recognize that they face
A) an economic system that is hostile to the interests of workers. B) a no-win situation whenever they think a strike is necessary. C) a fundamental trade-off between higher wages for members and higher taxes for members. D) a fundamental trade-off between higher wages for members and fewer jobs for members.