The differences between monetarist and Keynesian theories are more apparent than real
a. True
b. False
Indicate whether the statement is true or false
True
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Along a linear downward-sloping demand curve, the price elasticity of demand will be
A. equal to zero across each price range. B. greater than one across each price range. C. different across each price range. D. less than one across each price range.
Refer to Figure 16-7. The owners of the Lizard Lounge are considering the following four pricing options:
a. A single price scheme where the cocktail price equals the monopoly price.
b. A single price scheme where the cocktail price equals the competitive price.
c. A two-part tariff: a monopoly cocktail price and a cover charge that will generate total revenue equal to the area X.
d. A two-part tariff: a competitive cocktail price and whatever cover charge that will generate a total revenue equivalent to the area X + Y + Z.
Which pricing scheme(s) achieve the economically efficient outcome?
A) schemes a and c B) scheme b C) schemes b and d D) scheme d only
Why are prices of factors of production NOT equalized?
What will be an ideal response?
Assume a consumer purchases two goods: X and Y. All else constant, an increase in the price of X would cause the total utility the consumer can obtain with her available income to decrease
Indicate whether the statement is true or false