Based on what you know about the determinants of price elasticiyt, the demands for agricultural products, like, wheat, soybeans, milk, and eggs tend to be
a. price inelastic
b. price elastic
c. price inelastic only in the long run
d. price elastic only in the short run
e. price elastic only in the long run
A
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Theory is to data as
A) economics is to the price of iPads. B) economics is to art. C) economics is to sociology. D) accounting is to economics.
In the long run, Bubba's Baby Boutique, a monopolistically competitive firm,
a. earns zero normal profit but positive economic profit b. earns normal profit but zero economic profit c. earns normal and economic profit d. earns zero normal and economic profit e. might earn any level of economic profit; no level is guaranteed
OPEC is an example of a producer's cartel that is successful because of its ability to institute tariffs on oil exports
a. true b. false
Tax revenues are an advantage of ________, which are not offered by command-and-control policies.
A. pollution allowances B. tradeable pollution permits C. pollution taxes D. pollution tax credits