The figure above shows the relationship between study time and the number of problems worked. The curve becomes less steep because as you study more,
A) study time becomes less effective.
B) study time becomes more effective.
C) the number of problems worked increases.
D) the number of problems worked decreases.
E) the relationship between study time and the number of problems worked changes from direct to inverse.
A
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Suppose an oligopolistic firm raises the price of its output. Demand for the firm's output will be relatively price ________ if the other dominant firms in the market ________
A) elastic; do not raise price B) unit elastic; do not raise price C) inelastic; also raise price D) cannot be determined
The current international monetary system is
a. a flexible exchange rate system b. a fixed exchange rate system c. a system combining fixed and flexible exchange rates d. a gold standard e. a gold exchange rate system
Negative externalities result in unfair, excessively high prices
a. True b. False Indicate whether the statement is true or false
All of the following would shift a product's demand curve except a(n): a. increase in the price of the product
b. decrease in consumer income. c. increase in the price of a substitute. d. increase in the price of a complement.