Economists devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories
a. True
b. False
Indicate whether the statement is true or false
True
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Microeconomics is the branch of economics in which you study inflation and unemployment in the economy
a. True b. False Indicate whether the statement is true or false
According to the text, the AT&T corporation was deregulated primarily by
a. requiring that competing companies have access to AT&T's facilities b. declaring AT&T the legitimate monopoly of telephone service in the United States c. creating a special Telephone Advisory Commission d. ending all government regulations regarding the domestic telephone industry e. requiring AT&T to share patents with competitors
Each citizen in a small town suffers 5 units of irritation for each bushel of leaves burned in the town. The charge for hauling a bushel of leaves to the land fill is a fee equal to 20 units of irritation. There are 25 people in the town, each of whom minimizes personal irritation and has 10 bushels of leaves. How much irritation is the most efficient amount for each person in the town to absorb?
What will be an ideal response?
A consumer is willing and able to buy 100 units of a good at $100, but the consumer's quantity demanded falls to zero if the price rises even a fraction of a cent. The consumer's demand curve is
A) horizontal and is perfectly inelastic. B) horizontal and is perfectly elastic. C) vertical and is perfectly elastic. D) downward sloping from higher prices down to $10 and then horizontal.