The demand for Egg McMuffins will likely be ________ the demand for breakfast foods.
A. equally price elastic as
B. less price elastic than
C. more price elastic than
D. indeterminate from the given information
Answer: C
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What is meant by the term "optimization"? What do economists usually believe about how individuals optimize?
What will be an ideal response?
Figure 7-2
In Figure 7-2, average cost at 500 units of output equals
A. 4,000. B. 200. C. 8. D. 6.
For the federal government, what is the difference between discretionary spending and mandatory spending? What categories of spending account for the largest amount of the federal government's discretionary spending and mandatory spending?
What will be an ideal response?
The long-run supply curve for a competitive industry
a. may be horizontal if entry into the industry lowers average total cost. b. may be upward-sloping if higher-cost firms enter the industry. c. will be horizontal if there is free entry into the industry. d. will be upward-sloping if there are barriers to entry into the industry.