The demand for most agricultural products tends to be
a. both price and income elastic
b. both price and income inelastic
c. price inelastic and income elastic
d. price elastic and income inelastic
e. of unitary price elasticity and income elastic
B
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The president of Toyota's Georgetown plant was quoted as saying, "Demand for high volumes saps your energy. Over a period of time, it eroded our focus [and] thinned out the expertise and knowledge we painstakingly built up over the years"
This quote suggests that A) as Toyota expanded its capacity, it experienced diseconomies of scale. B) Toyota was focused on "churning" out cars for which it did not invest sufficiently in training its workers. C) high demand for Toyota's cars prevented the company from focusing on its strength: auto design. D) Toyota was experiencing an excess demand for its automobiles which it had difficulty keeping up with.
Credible promises and hostage mechanisms can support a continuous stream of cooperative exchanges except when
a. the promisor is better off fulfilling than ignoring his promise b. neither party has a prior dominant strategy c. the hostage can be revoked for just causes d. the hostage is more valuable than any given exchange e. the hostage is difficult to replace
Keynes assumed consumption is
A) inversely related to the rate of interest. B) directly related to disposable income. C) directly related to investment. D) less than disposable income. E) both b and d
For a monopolist, marginal revenue ________ price.
A. is greater than B. always equals C. is less than D. is first greater than and then less than