For a necessity good, the price elasticity of demand is:
a. close to zero
b. close to 1.
c. greater than 1.
d. close to infinity.
a
Economics
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Factors of production include all of the following EXCEPT ________
A) machines made in past years. B) money C) entrepreneurship D) a wheat field that is not irrigated
Economics
Exhibit 30-5
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Refer to Exhibit 30-5. If a positive externality exists, then the external benefits associated with the positive externality equal
A. P4 - P2. B. P3 - P1. C. P2 - P1. D. P3 - P2. E. a and b
Economics
Firms that price discriminate cannot capture consumer surplus
Indicate whether the statement is true or false
Economics
In order to maximize profit, a perfectly competitive firm should select the level of output where
a. marginal revenue equals price b. marginal cost equals marginal revenue c. price exceeds marginal cost d. price exceeds marginal revenue e. total revenue equals total cost
Economics