The actual time length of the short run is determined by when diminishing marginal returns start
Indicate whether the statement is true or false
False. The actual time length of the short run is a function of how long it would take to adjust all inputs.
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The demand for a good is unit elastic with respect to price if the price elasticity of demand is:
A. equal to one. B. greater than one. C. greater than negative one. D. less than one.
If the safety of the work environment has improved over time
What will be an ideal response?
Economists are trained to be as:
A. subjective as they can be. B. opinionated as they can be. C. deconstructionist as they can be. D. objective as they can be.
The amount of pizzas that consumers want to buy per week is reflected in the equation P = 15 - .02Q d , where Q d is the amount of pizzas purchased per week and P is the price of pizzas. On the basis of this information we can say that:
A. if pizzas were free, people would consume 800 per week. B. more pizzas will be purchased at a high price than at a low price. C. if the price of pizzas is $6, then 150 will be purchased. D. 50 fewer pizzas will be purchased per week for every $1 increase in price.