A fisherman will catch and sell all the fishes in his pond in response to a substantial increase in the price of the fish even if he wishes to remain in the fishing business
a. True
b. False
Indicate whether the statement is true or false
False
Economics
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The set of income-quantity pairs showing the amount of a good the consumer buys at various levels of income is called
a. a compensated demand curve. b. a budget line. c. an income-elasticity curve. d. an Engel curve.
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Briefly review the history of antitrust legislation in the United States
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If the production function is Q = K.5L.5 and capital is fixed at 1 unit, then the average product of labor when L = 36 is:
A. 2/3. B. 1/6. C. 1/3. D. None of the answers are correct.
Economics
In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices. B. lower prices. C. lower output. D. None of these is true.
Economics