A market
A) always involves the personal exchange of goods for money.
B) allows interactions between consumers and firms.
C) always takes place at a physical location.
D) has no influence on prices.
B
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If a 6 percent decrease in the price leads to a 5 percent increase in the quantity demanded, the price elasticity of demand is
A) 0.30. B) 0.60. C) 0.83. D) 1.20.
Which of the following is not an example of an institution (rules of the game)?
a. formal rules of behavior b. government takeover of private corporations c. a constitution d. informal constraints on behavior e. traditions
When one person enjoys the benefit of a tornado siren, she reduces the benefit to others
a. True b. False Indicate whether the statement is true or false
Marginal cost of a product is the incremental cost of one additional unit of input.
A. True B. False C. Uncertain