During the 20th century, the percentage of unskilled laborers in the U.S. rose steadily
Indicate whether the statement is true or false
False
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A monopoly market has
A) a few firms. B) a single firm. C) two dominating firms in the market. D) only two firms in it. E) some unspecified number of firms in it.
Consider a manufacturing operation that uses specialized machinery and labor to produce its output. In this case, the input that is not fixed in the short run is labor
Indicate whether the statement is true or false
The initial price of a cup of coffee is $1, and at that price, 400 cups are demanded. If the price falls to $0.90, the quantity demanded will increase to 500
a. Calculate the (arc) price elasticity of demand for coffee. b. Based on your answer, is the demand for coffee elastic or inelastic? c. Based on your answer to a., if the price of coffee is increased by 10%, what will happen to the revenues from coffee? Carefully explain how you know.
If the country of Deficitland is experiencing trade deficits, they are more likely to cut imports of
a. beef b. cocoa c. coffee d. capital goods e. soybeans