The demand for firewood is likely to be more elastic in the summer than in the winter
Indicate whether the statement is true or false
Answer: True
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Explain why choosing which job to apply for constitutes a game, while choosing where to order pizza for dinner is more likely just a decision
What will be an ideal response?
In the table above, country A is producing 4 units of X and 8 units of Y and country B is producing 4 units of X and 6 units of Y. The opportunity cost of producing more of
A) good X is the same for both countries. B) good Y is the same for both countries. C) good X is lower in country A. D) good Y is lower in country A.
If a variable input is added to some fixed input, beyond some point the resulting extra output will decline. This statement describes:
A. economies and diseconomies of scale. B. X-inefficiency. C. the law of diminishing returns. D. the law of diminishing marginal utility.
According to? Keynes, when there is excess capacity in an? economy, the equilibrium level of real GDP per year is determined by
A. ?short-run aggregate supply. B. ?long-run aggregate supply. C. aggregate demand. D. the price level.