Statistical correlation always implies causation
a. True
b. False
Indicate whether the statement is true or false
False
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To calculate the price elasticity of demand we divide
A) the average price by the average quantity demanded. B) the percentage change in quantity demanded by the percentage change in price. C) rise by the run. D) the percentage change in price by the percentage change in quantity demanded.
Rational decision making must always be based on the concept of opportunity cost
a. True b. False Indicate whether the statement is true or false
Price indexes allow comparisons of dollar figures over time and provide us a sense of how the economy is changing
a. True b. False Indicate whether the statement is true or false
Vertical integration:
A. is a spot exchange phenomenon. B. occurs when a firm produces its own inputs. C. occurs when a firm purchases its inputs in a market. D. is attractive when relationship-specific exchange is unimportant.