The range to the left of the midpoint on a linear demand curve is
A) elastic.
B) infinite.
C) one.
D) inelastic.
A
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An increase in the price of poultry would lead to
A. a decrease in quantity demanded of fish and an increase in the demand for poultry. B. a decrease in quantity demanded of poultry and an increase in the demand for fish. C. an increase in quantity demanded of fish and a decrease in the demand for poultry. D. an increase in quantity demanded of poultry and a decrease in the demand for fish.
Firms in which of the following industries can earn an economic profit in the long run?
A) both monopolistic competition and monopoly B) perfect competition C) monopoly D) monopolistic competition E) monopolistic competition and perfect competition
A change in input prices has no impact on a firm’s budget line.
Answer the following statement true (T) or false (F)
The confidence you have that a retailer will accept dollars in exchange for goods is based primarily on money
a. being a unit of account. b. being a medium of exchange. c. serving as a store of value. d. having intrinsic value.