In this graph, at point e ______.
a. economic profits are growing
b. short-run and long-run average total costs are equal
c. the economic situation is unstable
d. short-run and long-run average total costs are far apart
b. short-run and long-run average total costs are equal
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A person who previously had a full-time job has been paroled from prison and has applied for a job is considered
A) a reentrant. B) a job loser. C) a new entrant. D) not in the labor force.
Which of the following would most likely be highly price-elastic?
a. The demand for milk by a household b. The demand for insulin by a diabetes patient c. The demand for water d. The demand for new houses e. The demand for coal over a period of one month
Only economists and other “social” scientists have areas of dispute within their disciplines.
Answer the following statement true (T) or false (F)
Usually, price elasticities of supply are
A) positive, because higher prices yield larger quantities supplied. B) considered short-run adjustments due to supply constraints. C) ordinarily a negative number based on the law of supply. D) an inverse relationship between price and quantity supplied.