When the price of a textbook is $100, 60 copies are demanded; and when the price of that textbook goes up to $120, 30 copies are demanded. In the price range between $100 and $120, the demand for the textbook is
A) elastic.
B) inelastic.
C) unit elastic.
D) perfectly elastic.
A
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If (PVB/PVC)for a given policy option equals 5.5, this means that
a. the policy option is not feasible b. for every dollar of incremental costs incurred by society, there are $5.50 in realized incremental benefits c. the policy option is feasible d. both (b) and (c) are correct
Lectures in microeconomics can be delivered either by an instructor (labor) or a movie (capital) or any combination of both. Yet, it gets harder and harder to substitute more movies for an instructor the more movies are already used
Which graph in the above figure best represents the isoquants for lectures in microeconomics when units of capital per day is on the vertical axis and units of labor per day is on the horizontal axis? A) Graph A B) Graph B C) Graph C D) Graph D
Securities exchanges pay no attention to hedge funds
a. True b. False
If the demand for a good decreased, what would be the effect on the equilibrium price and quantity?
a. Price would increase, and quantity would decrease. b. Price would decrease, and quantity would decrease. c. Price would increase, and quantity would increase. d. Price would decrease, and quantity would increase.