Which of the following is a factor of production?
A) an oven in a bakery
B) a share of General Motors' stock
C) a credit card
D) a $500 Treasury bond
Answer: A
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A patent is a(n)
a. government grant to an innovating firm of monopoly privilege in the production of a good or the use of a technology for a 17-year period b. annual award of monopoly privilege to a firm for the most creative invention of the year c. payment from the government to a firm for the most creative invention of the year d. grant of perpetual monopoly rights to a firm issued by the government e. expression of monopoly power in a monopolistically competitive industry
the question using the following data, which show all available techniques for producing 20 units of a particular commodityAssuming that the firm is motivated by self-interest and that the 20 units that can be produced with each technique can be sold for $2 per unit, the firm will
What will be an ideal response?
Suppose the market clearing price for apples rises from $2.00 to $3.00 per pound, and the overall market clearing output increases from 1 million to 2 million pounds. How can we explain the increase in price and increase in market output?
A) Supply increased and demand remained unchanged. B) Supply decreased and demand decreased. C) Demand increased and supply remained unchanged. D) None of the above.
Which of the following is true with respect to the price elasticity of demand?
a. The coefficient of price elasticity of demand will change with changes in the units of measurement (for instance, going from pounds to ounces). b. Elasticity of demand is equal to the slope of the demand curve. c. Elasticity measures the sensitivity of total expenditure to a change in price of a good. d. Elasticity will tend to be greater for a relatively expensive product than for a cheaper one. e. A coefficient of 1 means that the percentage change in total expenditure is equivalent to the percentage change in price.