A product that has an elastic demand curve has all of the following characteristics EXCEPT
A) it has many substitutes.
B) a consumer can wait to buy the product.
C) it has few or no substitutes.
D) it is a large part of a consumer's income.
C
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Suppose the population of Tiny Town is 100 people and the working age population is 70. If 10 of these people are unemployed, the unemployment rate in Tiny Town is
A) 10 percent. B) 10/70 × 100. C) 10/80 × 100. D) There is not enough information provided to calculate the unemployment rate.
An increase in the real wage would result in a
A) movement along the labor demand curve, causing an increase in the number of workers hired by the firm. B) shift of the labor demand curve, causing an increase in the number of workers hired by the firm. C) movement along the labor demand curve, causing a decrease in the number of workers hired by the firm. D) shift of the labor demand curve, causing a decrease in the number of workers hired by the firm.
A cartel is an agreement among firms to divide output of a product among members
a. True b. False Indicate whether the statement is true or false
It is perfectly legitimate for the United States to pass laws requiring that all food products or cars sold in the United States meet certain safety standards approved by the United States government as long as they have some ___________ basis.
a. environmental b. scientific c. political d. subjective