Elasticity of demand is another way to measure slope
a. True
b. False
Indicate whether the statement is true or false
False
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If there are 1,000 identical rice farmers who are each willing to supply 200 bushels of rice at $2 per bushel, what price and quantity combination is a point on the market supply curve for rice?
A) $2 and 200 bushels B) $2 and 200,000 bushels C) $2,000 and 200,000 bushels D) $2,000 and 1,000 bushels E) $2 and 1,000 farmers
In a corporation, the stockholders are the
A) principals. B) agents. C) level coordinators. D) entrepreneurs.
Many economists consider medical care a superior good. Which of the following statements is true regarding a superior good?
a. Consumers want more of a superior good regardless of its price. b. When the price of a superior good increases, consumers demand more of it. c. As consumer income increases a larger percentage of that income is spent on superior goods. d. A superior good has an income elasticity of demand greater than one. e. Both c and d are true of superior goods.
Gresham's Law is the tendency for low-quality money to drive high-quality money out of circulation.
a. true b. false