According to recent study, air pollution on average is greater outdoors than indoors
Indicate whether the statement is true or false
false
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Assume toys are produced using only labor and wood. Which of the following best describes the cost of producing toys?
a. The number of dollars that the laborer spends to purchase the wood. b. The amounts of labor and wood used in the production process. c. The alternative uses that could be found for the labor and wood. d. The monetary value of the labor and wood used.
Refer to Figure 4-7. The figure above represents the market for iced tea. Assume that this is a competitive market. If the price of iced tea is $3, what changes in the market would result in an economically efficient output?
A) The quantity supplied would decrease, the quantity demanded would increase, and the equilibrium price would decrease. B) The price would decrease, quantity demanded would increase, and quantity supplied would decrease. C) The price would decrease, the quantity supplied would increase, and the quantity demanded would decrease. D) The price would decrease, the demand would increase, and the supply would decrease.
A basic characteristic of the firms in an oligopoly market structure is that they are: a. large (relative to the total market) and interdependent. b. large (relative to the total market) and independent
c. small (relative to the total market) and interdependent. d. small (relative to the total market) and independent.
Answer the following statements true (T) or false (F)
1. The elasticity of savings with respect to interest rates is the percentage change in the quantity of savings divided by the percentage change in interest rates. 2. The cross-price elasticity of demand is the percentage change in the quantity of good A that is demanded as a result of a percentage change in the price of good B. 3. The general rule stating that the utility-maximizing choice between consumption goods occurs where the marginal utility per dollar is the same for both goods can be shown with this equation: 4. The typical response to higher prices is that a person chooses to consume less of the product with the higher price. This can occur either because of substitution effect or because of income effect, but not both.