As cities prospered and per-capita incomes increased, the demand for bus travel diminished. This suggests that
a. cities could raise revenue by increasing bus fares
b. the demand for bus travel is price elastic
c. bus travel and automobile travel are complements
d. bus travel is an inferior good
e. bus travel is a luxury
D
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
Which of the following countries actually experienced negative economic growth from 1960 to 2011?
A) Niger B) Malaysia C) Singapore D) Israel
If the least-cost input combination doesn't include all inputs, it's called:
A. a boundary solution. B. an incomplete solution. C. an interior solution. D. an efficient solution.
A monopolist produces an output level where marginal revenue equals marginal cost and charges a price where marginal cost equals average total cost
a. True b. False Indicate whether the statement is true or false