When talking about demand, price elasticity refers to the
a. price flexibility in response to demand changes.
b. adaptability of suppliers to price changes.
c. responsiveness of buyers to price changes.
d. ability to stretch one’s budget by making wise choices.
c. responsiveness of buyers to price changes.
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If the Federal Reserve increases interest rates
A) the demand curve for U.S. dollars shifts rightward and the supply curve of U.S. dollars shifts leftward. B) the demand curve for U.S. dollars shifts leftward and the supply curve of U.S. dollars shifts rightward. C) the demand curve for U.S. dollars and the demand curve for European euros both shift rightward. D) the demand curve for U.S dollars shifts leftward and the demand curve for European euros shifts rightward.
Munn v Illinois (1877) was particularly important with regard to government regulation because it
(a) upheld the traditional right of businesses to act freely without interference by government. (b) established the right of government to regulate any business that was deemed "clothed" in the public interest. (c) established the right of government to regulate any and all businesses wherever such regulation was deemed desirable to promote competition. (d) established the right of government at any level to regulate any business activity if such regulation was deemed desirable for any reason.
If the first copy cost of a music video is $223,000 and the marginal cost is $0, how much total cost would the firm incur if it produces 1 million copies?
A. zero B. $223,000 C. $1 million D. $1 million + $223,000
The demand curve for the product of a monopolistic competitor is
A. vertical. B. downward sloping. C. unitary elastic. D. horizontal.