The assumption that "other things are constant" is also known as the
A) ceteris paribus assumption.
B) rational self-interest assumption.
C) distinguishing characteristic of economics as a science.
D) relationships assumption.
Answer: A
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State colleges are an example of
A) income maintenance programs. B) Social Security. C) welfare programs. D) subsidized services.
Two workers are employed in the same job by the same firm; however, they are paid different wage rates. This could be explained by differences in
a. the price of the firm's output b. their marginal products due to differences in ability c. working conditions d. the income effect e. risk
Use the figure below, which shows a linear demand curve and the associated total revenue curve, to answer the question.
The marginal revenue of the 700th unit is $________ and demand is ________ at this point.
A. 15; elastic B. -20; elastic C. 15; inelastic D. -20; inelastic
What is the lowest price the firm would accept in the long run?
