If a firm is a price taker, then the demand curve for the firm's product is:
A. Equal to the total revenue curve
B. Perfectly inelastic
C. Perfectly elastic
D. Unit elastic
C. Perfectly elastic
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Both indentured servants and slaves had rights in courts of law
Indicate whether the statement is true or false
Here is a consumption function: C = C0 + MPC(Yd). If consumption is $3,300, MPC =0.85, and disposable income is $2,100, what does autonomous consumption equal?
A) $899.15 B) $450 C) $1,515 D) $4,785 E) none of the above
Undervaluing of opportunity cost sometimes occurs because:
A. opportunity cost is just theoretical. B. the benefit is difficult to visualize. C. the opportunity cost is easy to visualize. D. the opportunity cost is hard to visualize.
Suppose the price elasticity of demand for oil is 0.1. In order to lower the price of oil by 20 percent, the quantity of oil supplied must be increased by
A) 200 percent. B) 20 percent. C) 2 percent. D) 0.2 percent.