Marvin loves chocolate truffles. As the price of a chocolate truffle increases from $1 to $2 to $3, Marvin continues to buy a dozen chocolate truffles every week. Marvin's demand for chocolate truffles is ________
A) elastic
B) unit elastic
C) illustrated by a horizontal demand curve
D) perfectly inelastic
D
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Suppose per capita real GDP grows by 7% per year. Based on the Rule of 70, approximately how many years will it take for the level of per capita real GDP to double?
A) 7 years B) 10 years C) 4.9 years D) none of the above
Refer to Table 7-6. Prior to trade, what was the opportunity cost to produce 1 sword in Estonia?
A) 1/3 of a belt B) 3/5 of a belt C) 1.67 belts D) 3 belts
Refer to Figure 5.1. All else equal, an increase in the number of workers will cause a
A) shift from PF1 to PF2. B) shift from PF2 to PF1. C) movement up and to the right along PF1. D) movement down and to the left along PF2.
In the long run, in a competitive industry
a. economic profits are zero b. firms break even c. price equals average cost d. all of the above