If the demand for cream cheese produced by a dairy is perfectly elastic, then:
a. the demand curve will be vertical.
b. the demand curve will be horizontal.
c. the demand curve will be upward sloping.
d. the demand curve will be downward sloping.
e. the demand curve will initially slope upward and then slope upward.
b
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Which of the variables does not pass the t-test at the .05 level of significance?
A) PA B) PB C) A D) I E) All the variables pass the t-test.
The socially optimal level of output of a good with an externality occurs when
a. the marginal private costs of production are equal to marginal private revenues b. the firm maximizes its profits c. the consumer maximizes his or her utility d. the marginal social cost of production equals the marginal social benefit of the good e. the firm is making a normal profit
Incentives for borrowers and savers in the loanable funds market are determined by the nominal interest rate as opposed to the real interest rate
a. True b. False Indicate whether the statement is true or false
Which of the following would undermine a firm's product differentiation?
a. duplicating another firm's good b. advertising c. being awarded a patent d. developing brand loyalty e. having fewer close substitutes