The supply curve for land:
a. is almost perfectly elastic
b. is almost perfectly inelastic.
c. is downward sloping.
d. is horizontal.
b
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It is a conventional practice among apparel retailers to set the retail price of clothing at twice the cost paid to the manufacturer. For example, if the retailer pays $7 for a pair of jeans, the jeans will retail for $14
What must the price elasticity of demand be for this practice to be profit maximizing?
One major similarity between perfect competition and monopolistic competition is that:
a. the firms earn above normal profits in the long run. b. the firms are price makers. c. the firms produce identical products. d. the firms just break even in the long run. e. entry of firms is barred in the long run.
Suppose that your bank pays 5 percent interest on your savings account balance. Is this the nominal or real interest rate? What would be your real interest rate?
Figure 10-9
Figure 10-9 illustrates a period of
a.
economic growth and high inflation.
b.
economic growth and low inflation.
c.
economic recession and high inflation.
d.
economic recession and low inflation.