If there is no output for which product price is sufficient to cover variable costs
A) the firm should stay open in the short-run.
B) the firm should shut down in the short run.
C) the firm earns economic profits by staying open.
D) the firm should increase production.
B
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Demand is inelastic if the price elasticity of demand is
a. less than 1. b. equal to 1. c. greater than 1. d. equal to 0.
In a market where there are strong social and political forces:
A. quantity demanded might not equal quantity supplied. B. quantity demanded will be expected to equal quantity supplied. C. the invisible hand will overcome all other forces. D. the market will be in disequilibrium.
The tasks performed by the chef at your favorite restaurant could be categorized as
A) a good. B) an economic good. C) a service or intangible good. D) All of the above are correct.
How can discrimination be viewed as resulting from a preference or taste for which the prejudiced employer is willing to pay? What will determine whether the prejudiced employer hires non preferred workers in this model?
What will be an ideal response?