Which of the following businesses has elastic supply?
(A) Apple farming
(B) Newspaper publishing
(C) Electricity production
(D) Hair cutting
Ans: (D) Hair cutting
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The above table gives the demand and supply schedules for cat food
If the price is $3.00 per pound of cat food, will there be a shortage, a surplus, or is this price the equilibrium price? If there is a shortage, how much is the shortage? If there is a surplus, how much is the surplus? If $3.00 is the equilibrium price, what is the equilibrium quantity?
The above table gives some of the costs of the Delicious Pie Company. What is the average variable cost of producing 300 pies?
A) $1,800 B) $6 C) $5 D) More information is needed to calculate the average variable cost.
If global warming began to cause random world-wide damage to crops, insurance companies
A) would insure against specific crop failures. B) would not insure against specific crop failures. C) would be indifferent between insuring or not. D) would find themselves facing prosecution for ignoring the problem for so long.
One source of economic growth is:
a. producing inside the production possibilities curve. b. producing outside the production possibilities curve. c. increasing capital. d. discouraging profit-seeking entrepreneurs.