Pizza Hut pizza has more close substitutes than does food in general. The price elasticity of demand for Pizza Hut pizza is ________ the price elasticity of demand for food in general
A) not comparable to
B) greater than
C) less than
D) the same as
B
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Which of the following will hold true if the market for cameras is in equilibrium at a price of $40?
A) The quantity of cameras produced will equal the quantity of cameras bought in the market. B) Sellers of cameras will have an incentive to charge a price higher than $40. C) Buyers of cameras will want to buy fewer cameras than they are purchasing at equilibrium. D) If the cost of producing cameras falls below $40 per camera, all sellers will stop supplying cameras.
When marginal revenue is positive, total revenue must rise as output increases
a. True b. False
Jim, who is African American, and Paul, who is Polish American, were roommates in college. When they graduated, they had the same grade point average and excellent recommendations from their professors. Their first jobs were in the same industry at about the same salary. However, 20 years later, Paul is making significantly more money than Jim is. Based on common patterns in the United States, what is a likely reason for the difference?
a. Jim has experienced continuing discrimination over time. b. Paul has experienced reverse discrimination over time. c. Paul has more experience than Jim. d. Jim has fewer qualifications than Paul.
If a union sets the wage rate to maximize the total wage receipts of its members, the price elasticity of demand for labor would be
A) zero. B) numerically equal to 1. C) finite, but greater than -1. D) positive, but less than 1.