A normal production possibilities frontier has a
a. positive slope, and is steeper near the horizontal axis than near the vertical axis.
b. negative slope, and is steeper near the horizontal axis than near the vertical axis.
c. positive slope, and is steeper near the vertical axis than near the horizontal axis.
d. negative slope, and is steeper near the vertical axis than near the horizontal axis.
e. zero slope, and it does not touch the horizontal axis.
b
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The demand for movies is unit elastic if
A) a 5 percent decrease in the price leads to an infinite increase in the quantity demanded. B) a 5 percent increase in the price leads to a 5 percent decrease in the quantity demanded. C) any increase in the price leads to a 1 percent decrease in the quantity demanded. D) a 5 percent increase in the price leads to a 5 percent increase in total revenue.
According to the misperceptions theory, when the price level falls below the expected price level
A) the economy's SRAS curve shifts up. B) the economy moves along its AD curve. C) the economy moves along its LRAS curve. D) the economy moves along its SRAS curve.
For a firm operating in a competitive industry, which of the following statements is not correct?
a. Price equals average revenue. b. Price equals marginal revenue. c. Total revenue is constant. d. Marginal revenue is constant.
Government always makes individuals better off when it removes them from a prisoner's dilemma setting
Indicate whether the statement is true or false