Refer to Figure 5-3. Which demand curve is unit elastic?

The term "fixed cost" refers to the cost a firm incurs to produce a specific fixed quantity of output

Indicate whether the statement is true or false

Refer to Table 6-4. Which of the following statements is correct?

A) The publisher's analysis is correct only if the demand is elastic. B) The publisher's analysis is correct only if the demand is perfectly inelastic. C) The publisher's analysis is correct only if the demand is unit elastic. D) The publisher's analysis is correct only if the demand is perfectly elastic.

Two main reasons that the deficit may increase are:

A. decreases in tax revenues and an increase in government spending. B. changes in interest rates and unemployment. C. increases in household spending and decreases in firm spending. D. decreases in tax revenues and government spending.

Whenever a firm uses input X but not input Y, then at the chosen input combination:

A. MRTSXY ? PX/PY. B. MRTSXY ? PX/PY. C. MRTSXY = PX/PY. D. MRTSXY = -PX/PY.