If a demand curve is unit elastic, then P times Q will remain constant when P changes
a. True
b. False
Indicate whether the statement is true or false
True
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If the economy is producing at potential GDP
A) the short-run aggregate supply curve must be vertical. B) inflation in the economy is at its natural rate. C) the Phillips curve must be positively sloped. D) unemployment is at its natural rate.
A major hurricane causes production problems in Gulf Coast region of the United States. This would cause
A) the short-run aggregate supply curve to shift to the left, but there would be no effect on the long-run aggregate supply curve. B) the short-run aggregate supply curve to shift to the left, and the long-run aggregate supply curve would shift to the right. C) both the short-run and the long-run aggregate supply curves to shift to the right in equal amounts. D) both the short-run and the long-run aggregate supply curves to shift to the left, but the long-run aggregate supply curve would shift more than the short-run curve.
Payoffs are:
A. the rewards that come from particular actions. B. always monetary. C. things that are only enjoyed by the winner. D. bribes made to gain some advantage unfairly during a game.
Your professor loves her work, teaching economics. She has been offered other positions in the corporate world that would increase her income by 25 percent, but she has decided to continue working as a professor. Her decision would not change unless the marginal
a. cost of teaching increased. b. benefit of teaching increased. c. cost of a corporate job increased. d. benefit of a corporate job decreased.