An increase in demand will cause a relatively small increase in price when:
A. the increase in demand is large.
B. demand is highly elastic.
C. supply is highly inelastic.
D. All of these
Answer: B
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Even if all individual demand curves are downwardly sloped, the market demand curve may slope upward.
Answer the following statement true (T) or false (F)
Which case below best represents a case of third-degree price discrimination?
A. A professional baseball team pays two players with identical batting averages different salaries. B. A utility company charges less for electricity used during "off-peak" hours, when it does not have to operate its less-efficient generating plants. C. An insurance company offers discounts to safe drivers. D. A major airline sells tickets to senior citizens at lower prices than to other passengers.
The sum of the current account, the financial account, and the capital account is ________.
A. 100 B. zero C. the trade deficit D. the reserve balance
International factor flows tend to lower incomes of those factors in host countries that most directly substitute for that factor, and to raise the incomes of other factors
Indicate whether the statement is true or false