As one moves down a straight-line, down-sloping demand curve, price elasticity will:
a. change from elastic, to unit elastic, then to inelastic.
b. remain the same between any two points.
c. change from inelastic, to elastic, then to unit elastic.
d. change from unit elastic, to elastic, then to inelastic.
e. change from elastic, to inelastic, then to unit elastic.
a
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Which of the following is a difference between an English auction and a Dutch auction?
A) Bids are placed publicly in an English auction while bids are placed privately in a Dutch auction. B) The bidder who values the good the most wins in an English auction while the bidder who values the good the least wins in a Dutch auction. C) An English auction is an ascending price auction while a Dutch auction is a descending price auction. D) An English auction is a descending price auction while a Dutch auction is an ascending price auction.
External costs are
A) borne by individuals other than those who incurred them. B) another term for implicit costs. C) borne by the public but incurred by the government. D) borne by the government but incurred by the public.
The Taft-Hartley Act outlawed all of the following practices EXCEPT
A) secondary boycotts. B) union shops. C) closed shops. D) sympathy strikes.
In the long run, the position of the short-run aggregate supply curve determines:
A. both output and the price level. B. neither output nor the price level. C. output. D. the price level.