Suppose a market has the demand function Qd=20-0.5P. Between which of the following price ranges is demand most inelastic?
a. $0 to $10
b. $10 to $20
c. $20 to $30
d. $30 to $40
a
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In the long run in a perfectly competitive industry
A) opportunity costs are negligible. B) economic profits will be zero. C) some firms will be experiencing economic losses. D) only entrepreneurs will earn more than their opportunity costs.
The highest point of the economy, before the recession begins, is called
a. the business cycle. b. an upswing. c. the peak. d. the trough.
Politicians often point to wage differentials as evidence of labor market discrimination against ethnic minorities and women. Economists, however, argue against this approach because
a. they don't believe the wage differential really exists. b. they can't agree on a definition of the term "discrimination." c. they believe compensating differentials account for all wage differences. d. different people may have different wages for reasons unrelated to discrimination.
With a given level of GDP, a decrease in the size of population would cause:
A) GDP per capita to decrease. B) life expectancy to decrease. C) GDP per capita to increase. D) life expectancy to increase.