In the very short-run period,
A. the price elasticity of supply is very elastic.
B. the price elasticity of demand is very elastic.
C. the cross elasticity of demand is very inelastic.
D. the price elasticity of supply is very inelastic.
Answer: D
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Which of the following statements is not compatible with the opportunity cost theory?
A) Demand plays a role in the determination of costs. B) Labor costs depend upon the demand for labor. C) Relative prices reflect the relative amount of human labor required to produce goods. D) Supply as well as demand depends upon subjective preferences.
Refer to the above figure. In order to stay open in the short run, this firm must
A) earn a positive profit. B) receive a price equal to or greater than the minimum of its average variable cost. C) receive a price exactly equal to its average total cost. D) recover its fixed cost.
Common stock differs from preferred stock in that
a. common stock carries a guaranteed interest return b. preferred stock is only issued to the original creators of the corporation c. preferred stock is only issued to the largest investors in the corporation d. common stock carries the right to vote at shareholder meetings e. preferred stock carries the right to vote at shareholder meetings
Real GDP per capita and other alternative measures of the quality of life are:
a. directly correlated. b. poorly correlated. c. inversely related. d. independent.