The price elasticity of demand of a linear demand curve is
A. inelastic but does not change at various points on the curve.
B. elastic but does not change at various points on the curve.
C. 1 at all points on the curve.
D. elastic in high-price ranges and inelastic in low-price ranges.
Answer: D
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The “law” of diminishing returns asserts that marginal returns will ultimately diminish when the quantity of one input is increased.
Answer the following statement true (T) or false (F)
The general trend in health care policy during the twentieth century has been _____
a. towards preventing the spread of communicable diseases b. towards ensuring that pharmaceuticals and physicians are well-regulated c. focused on general health care expenditures d. focused on general public health issues
If a sailboat manufacturer has an agreement with the firm that produces the sails for the sailboats, this is an example of a ________ agreement.
A) horizontal B) rightward C) vertical D) leftward
Suppose Jack and Kate are at the town fair and are choosing which game to play. The first game has a bag with four marbles in it-1 red marble and 3 blue ones. The player draws one marble from the bag; if it is red, they win $20 and if it is blue, they win $1. The second game has a bag with 10 marbles in it-1 red, 4 blue, and 5 green. The player draws one marble from the bag; if it is red, they win $20; if it is blue, they win $5; and if it is green, they win $1. Both games cost $5 to play. What is the probability of drawing a red marble in each game?
A. 10 percent in both games B. 10 percent in the first game and 25 percent in the second game C. 25 percent in the first game and 10 percent in the second game D. 25 percent in both games