The demand schedules for such products as eggs, bread, and electricity tend to be
A. relatively elastic.
B. perfectly elastic.
C. unit-elastic.
D. relatively inelastic.
Answer: D
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In a three-player game, each player must have three choices
Indicate whether the statement is true or false
A horizontal demand curve for a firm implies that
A) the firm is a monopoly. B) the market the firm is operating in is not competitive. C) the firm is selling in a competitive market. D) the products of that firm are very different from other firms' products.
Which of the following statements most likely lies within the realm of microeconomics?
A. Unemployment rises during a recession and falls during an expansion. B. An increase in government spending will increase the aggregate demand for goods and services in the economy. C. A rapid acceleration of the supply of money may create inflation. D. An increase in labor costs will increase the additional cost of producing another bus.
Suppose John Smith pays $100 to Thomas Jefferson. What does this do to GDP?
A. We can say with certainty that the nominal GDP has increased, but we can't say whether real GDP has increased or decreased. B. We can say with certainty that the GDP has increased by $100. C. We need more information to determine whether GDP has changed. D. We can say with certainty that the GDP has increased, but we cannot determine the amount.