A perfectly elastic demand curve is vertical
a. True
b. False
Indicate whether the statement is true or false
False
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When the price of an input _____, a firm's least-cost production method never uses ______ of that input and usually employs _____.
A. increases; less; the same amount B. increases; less; more C. decreases; more; less D. decreases; less; more
Figure 14.1 represents the market for used bikes. Suppose buyers are willing to pay $200 for a plum (high-quality) used bike and $50 for a lemon (low-quality) used bike. If buyers believe that 50% of used bikes are lemons (low quality), how many plums (high quality) will be supplied by sellers?
A. 8 B. 12 C. 16 D. 22
Ration coupons are tickets or coupons that give someone a right to purchase a certain amount of a product each time period such as a month.
Answer the following statement true (T) or false (F)
The unemployment rate is the number of unemployed people
A) divided by the sum of the number of people who are working and the number of people who are looking for work. B) and the number of people working fewer than their desired number of hours, divided by the number of people who are working or looking for work. C) divided by the total working-age population. D) divided by the number of people who are working.