Under British rule, colonists were considered British subjects and had most of the same rights of British citizens
Indicate whether the statement is true or false
True
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If the price of an input falls, a firm would increase the use of that input for two reasons:
a. the input is now more productive, and the firm can substitute this input for other relatively more expensive inputs. b. the input is now more productive, and overall production costs are now lower, meaning a firm may choose to increase production. c. overall production costs are now lower and the firm can substitute this input for other relatively more expensive inputs. d. overall production costs are now lower and the firm will have more of other inputs to use with the one in question.
What does unitary elastic demand mean?
What will be an ideal response?
If the price elasticity of demand is 1.0, and a firm raises its price by 10 percent, the total revenue will
A. Rise by 10 percent. B. Rise by 100 percent. C. Not change. D. Fall by 10 percent.
When the Swiss franc appreciates relative to the dollar
A. it becomes less expensive in terms of the dollar. B. it takes fewer dollars to buy a Swiss franc. C. it takes more dollars to buy a Swiss franc. D. None of these statements are true.