Which statement is most likely true about the demand curve in the graph?
A. Point R is unit elastic, while point S is very inelastic.
B. Point T is very inelastic, while point Q is very elastic.
C. Point Q is very inelastic, while point T is very elastic.
D. Point Q is slightly elastic, while point S is very inelastic.
B. Point T is very inelastic, while point Q is very elastic.
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Wages for workers producing iPods and similar products will rise next year. Walkman Watch asks you to predict the effect of this change in next year's market for iPods. You predict that the major effect will be that the
A) demand curve for an iPod will shift rightward. B) demand curve for an iPod will shift leftward. C) supply curve for an iPod will shift leftward. D) supply curve for an iPod will shift rightward.
What is the principal-agent problem? What are three ways in which firms try to cope with it?
What will be an ideal response?
Every society faces some basic economic choices such as
a. what quantities of goods and services to produce. b. which resources to use. c. who gets to have what share of the output. d. All of these.
If the amount you owe on your house is greater than the price of the house, you have
A) negative equity in your house. B) no value to your house. C) a reverse mortgage on your house. D) a mortgage rate that is too high.