If the demand curve for open-heart surgery is vertical for people with serious heart conditions, then the demand for open-heart surgery is ________ with respect to price.
A. unit elastic
B. inelastic
C. perfectly inelastic
D. perfectly elastic
Answer: C
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What is the profit maximizing rule for firms? (i.e. how do they decide what output to produce?) b. Explain why this approach will maximize profits for a firm.
Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $4 and the wage rate is $70 per day, how many workers should Winnie employ to maximize his profit?
A) 1 B) 2 C) 3 D) 4
When deciding where to produce, a key decision criterion for a multinational enterprise
A) is the nationality of its founders. B) hinges on the ownership of its various subsidiaries. C) is the tax laws of the various countries is it considering. D) is the location of its headquarters.
Monopolistic competition, like perfect competition, is a market structure in which firms can easily enter and leave the industry
a. True b. False Indicate whether the statement is true or false