Refer to the above figure. Demand will be unit-elastic when quantity is between
A) 0 and A.
B) 0 and B.
C) A and B.
D) B and C.
C
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Comment on the following statement: "When firms are earning positive profits, the industry supply curve will shift to the right."
What will be an ideal response?
If an insurance company hires a resource in a perfectly competitive resource market and it wants to maximize profit, it will hire where marginal revenue product equals
a. the price of the resource, which equals its marginal resource cost b. the price of the resource, which is greater than its marginal resource cost c. the price of the resource, which is less than its marginal resource cost d. marginal product e. the price of the product
The concept of present value helps explain why the quantity of loanable funds demanded decreases when the interest rate increases
a. True b. False Indicate whether the statement is true or false
Offering goods that are similar to competitors' products but more attractive in some ways is called:
A. product distinction. B. price-point pinning. C. product differentiation. D. deceptive advertising.