The true causal effect might not be the same in the population studied and the population of interest because
A) of differences in characteristics of the population
B) of geographical differences
C) the study is out of date
D) all of the above
Answer: D) all of the above
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If a 1 percent increase in price causes a 2 percent increase in quantity supplied, then supply is
A) elastic. B) inelastic. C) unit elastic. D) infinite.
All resources are assumed to be of equal quality when we draw a production possibilities curve that is bowed out
Indicate whether the statement is true or false
Calculate the firm's total profit.
On the below graph, if the oligopoly's MC curve shifts from MC1 to MC2, the firm will charge:
A. A higher price than before and total revenue will increase
B. The same price as before and sell more output; total revenue will increase
C. The same price as before and sell the same amount of output; total revenue will remain the same
D. A higher price than before and sell less output; it can't be determined whether total revenue will change