Which of the following is most likely to face extinction?
a. dogs living as pets in households
b. dairy cows living on farms and producing milk
c. bald eagles living in zoos
d. tigers living in the wild
d
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If a firm faces a downward-sloping demand curve
A) it will always make a profit. B) the demand for its product must be inelastic. C) it can control both price and quantity sold. D) it must reduce its price to sell more units.
Given the demand function in log-linear form: Q = 120 - 1.5P + 12ADV where Q = quantity, P = price, and ADV = advertising expenditures, what is the price elasticity?
A) 1.5, inelastic B) -1.5, elastic C) 120, elastic D) 12, elastic
The productivity slowdown of the 1970's occurred:
A. only in the U.S, the United Kingdom, and Japan. B. only in the U.S. and the United Kingdom. C. only in the U.S. D. around the world.
The demand curve for a perfectly competitive firm is
A) elastic at relatively high prices and inelastic at relatively low prices. B) perfectly elastic. C) perfectly inelastic. D) unitary elastic.