The paintings of a world famous artist Vincent Van Gogh have a price elasticity of supply
A) equal to 2.0.
B) equal to 1.0.
C) close to 0.0.
D) approaching infinity.
Answer: C
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In the figure above, what is the consumer surplus per day?
A) $100,000 B) $50,000 C) $125,000 D) $150,000 E) zero
If marginal cost is less than average total cost, then ________ is ________
A) average total cost; falling B) average variable cost; falling C) marginal cost; falling D) marginal cost; rising
In which types of business do owners have unlimited personal liability and in which do owners have limited personal liability?
What will be an ideal response?
As national income increases:
a) The average propensity to consume falls and gets nearer in value to the marginal propensity to consume b) The average propensity to consume increases and diverges in value from the marginal propensity to consume c) The average propensity to consume stays constant d) The average propensity to consume always approaches infinity