Recall the Application about the short-run and long-run elasticity of supply of coffee to answer the following question(s). Recall the Application. In the long run, the supply curve for coffee is ________ and the elasticity of supply is ________ than in the short run.
A. steeper; larger
B. steeper; smaller
C. flatter; larger
D. flatter; smaller
Answer: C
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Refer to Table 2-7. What is Mickey's opportunity cost of making a hat?
A) 1/10 of an umbrella B) 1/5 of an umbrella C) 5 umbrellas D) 10 umbrellas
When the price of a good rises, there is
A) an increase in supply. B) a decrease in supply. C) a decrease in quantity supplied. D) an increase in quantity supplied.
Personalized advertising that uses postal mailings, phone calls, and e-mail messages is known as
A) direct marketing. B) mass marketing. C) indirect marketing. D) interactive marketing.
Gross private domestic investment includes business:
a. purchases of capital goods, all new construction, and purchases of consumer durable goods. b. purchases of capital goods, all new construction, and inventory investment. c. purchases of capital goods, all new commercial construction, and inventory investment. d. purchases of capital goods, all new residential construction, and inventory investment. e. purchases of all types of durable goods, all new construction, and inventory investment.