A monopoly that is maximizing profits never operates in the ________ portion of the demand curve
A) unitary elastic
B) elastic
C) inelastic
D) horizontal
C
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Physical capital refers to stocks and bonds
Indicate whether the statement is true or false
With regard to GDP, residential property taxes are an example of ____ taxes
a. variable b. sales c. fixed d. disposable
Trade requires:
A. that day-to-day business decision making is carried out almost entirely by firms and individuals, not by governments. B. firms and individuals to follow government mandates about what to trade. C. governments to get together and agree on who is going to specialize in what. D. governments employ an economic planner to find comparative advantage for different products.
An outward shift in the consumer demand for wheat will
A. raise the price of wheat and shift out the marginal revenue product of labor producing wheat. B. lead to more capital and less labor used in producing wheat. C. raise the price of wheat and shift inward the marginal revenue product of labor producing wheat. D. lead to downward pressure on the wages of those producing wheat.