Adam Smith believed that markets coordinated the self-interests of consumers
a. True
b. False
Indicate whether the statement is true or false
True
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To say that turnips are inferior goods means that the income elasticity
A) is definitely greater than 1. B) is definitely between 0 and 1. C) is positive but could be greater than or less than (or equal to) 1. D) is negative.
Interlace, Inc produces and a unique soda. The company cannot price discriminate. The figure above shows Interlace's demand curve, marginal revenue curve, and marginal cost curve. Interlace's profit maximizing level of output is
A) 30,000 bottles. B) 50,000 bottles C) 100,000 bottles D) 0; that is, the firm shuts down.
The demand curve for labor shows what?
a. The demand for labor is immune to wage pressures. b. There is a negative relationship between wage and quantity. c. The supply of labor is higher at higher wage levels. d. There is a positive relationship between wage and quality.
What is the reason why large, short-run declines in farm prices do not significantly reduce farm production in the short run?
A. Farmers' variable costs are high compared with their fixed costs B. Farmers' fixed costs are high compared with their variable costs C. Farmers' prices received are greater than prices paid for agricultural products D. Farmers' prices paid are greater than prices received for agricultural products