The demand for potatoes at current prices is likely to be
a. elastic.
b. inelastic.
c. unit elastic.
d. perfectly elastic.
b
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The manager of Happy Chickens, an organic egg producer, should avoid all of the following topics except which one when speaking to managers of Best Eggs, a competitor firm?
A) forthcoming changes in Happy Eggs', a competitor firm's, pricing B) the planned production amounts of Happy Eggs, a competitor firm C) a new report linking egg consumption with increased heart health in adults D) Happy Chickens' planned production amounts
The interest rate on loans made by banks in the market in which they lend and borrow reserves from each other for very short periods of time is known as the:
a. discount rate. b. legal reserve rate. c. federal funds rate. d. open market rate. e. margin rate.
The opportunity cost of producing one additional truck is
A. the profit that could have been earned from selling that truck. B. the amount of other goods that could not be produced because productive resources were used instead to produce that truck. C. the price of the truck. D. all of the choices are true.
A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only. B. aggregate demand curve only. C. aggregate demand curve, and the short-run aggregate supply curve would shift in response. D. short-run aggregate supply curve and the long-run aggregate supply curve.