Inelastic supply occurs whenever the elasticity of supply value is
A) positive and > 1. B) positive and < 1.
C) any positive number. D) negative and < -1.
B
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Product indifference curves bow inward toward the origin because of diminishing returns to substitution of inputs.
Answer the following statement true (T) or false (F)
As interest rates fall,
A) the values of bonds rise. B) the values of bonds fall. C) the values of bonds are unchanged. D) the value of perpetuities are unchanged, but the value of other bonds change in value. E) the value of all bonds except perpetuities change.
In order for an economy to shift its production possibilities curve rightward, it must:
a. suffer resource unemployment. b. experience an increase in its resources and/or an improvement in its technology. c. use its resources more efficiently than at points along the curve. d. all of these.
Offering contributors private goods such as coffee mugs, books, or magazine subscriptions will ________ the free-rider problem and lead to a ________ level of contribution to the public good.
A. reduce; smaller B. reduce; larger C. increase; smaller D. increase; larger