Oil import restrictions were probably unwise, as they raised the price of domestic oil in the United States and reduced the long-term domestic supply of oil
Indicate whether the statement is true or false
T Allowing importation of oil at world prices would have been better for U.S. citizens and would have added to the length of time the United States would have an independent supply of oil.
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Refer to Figure 9.2. At price 0E and quantity Q*, producer surplus is the area
A) 0ACQ*. B) 0ECQ*. C) 0FCQ*. D) EFC. E) none of the above
In general, the more elastic a demand curve is the:
A. flatter it will be. B. steeper it will be. C. more bowed-in it will be. D. faster it will shift when price changes.
Suppose that a price discriminating monopolist is able to divide its market into two groups. If the firm sells its product for $25 to the group whose customers have the least elastic demand, what price are they likely to charge to the group whose customers have the most elastic demand?
A. $25 B. more than $25 C. less than $25 D. The answer depends on the marginal revenue for that group.
When two variables move in opposite directions, they are said to be:
A) uncorrelated. B) positively correlated. C) negatively correlated. D) directionally correlated.