For which of the following products is demand likely to be least elastic with respect to price?
A. Green beans
B. Vegetables
C. Food
D. Green vegetables
Answer: C
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In the above table, if the market is perfectly competitive and unregulated, at the equilibrium level of output, the marginal social benefit per unit is
A) zero. B) $20 per unit. C) $50 per unit. D) $70 per unit.
What gives rise to a natural monopoly? How do consumers benefit from a natural monopoly?
What will be an ideal response?
Which of the following best describes the Employment Act of 1946?
(a) A piece of New Deal legislation that had to be postponed until after the war (b) An effort to stabilize the U.S. balance of payments as the world moved toward using the U.S. dollar as the main reserve currency (c) An attempt to reduce the overall extent of federal responsibility in the post-war national economy (d) All of the above
As corn prices rise, salsa sales tend to fall. This an example of:
A. a positive correlation. B. inferior goods. C. two uncorrelated events. D. a negative correlation.