If a huge percentage change in price leads to a small percentage change in quantity demanded, then demand is said to be inelastic
a. True
b. False
Indicate whether the statement is true or false
True
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The ultimate threat of a union is
A) the lockout. B) the President's power granted by the Taft-Hartley Act. C) the unity of spirit of the union membership. D) the strike.
The Keynesian short-run aggregate supply curve in the simplified Keynesian model is unrealistic because
A. prices and wages will never decrease. B. some price adjustments do take place in the short run. C. the classical model is better in explaining how the economy operates. D. a vertical curve does not make economic sense.
If the social costs of refining oil are greater than the private costs of oil refining, then
A. users of products that use refined oil are paying too much for the products. B. the amount of oil refining needs to increase in order to bring social costs and private costs in line with each other. C. the external costs of oil refining are greater than the social costs of oil refining. D. there is too much oil refining.
Refer to the table below. What is the profit-maximizing number of resort units for Gorgeous Sands Resort during the peak period?
The table above summarizes Gorgeous Sands Resort's marginal capacity cost, marginal operating cost, peak marginal revenue, off-peak marginal revenue, and its peak and off-peak demand for its resort units.
A) 350
B) 300
C) 250
D) 200