Price elasticities tend to be higher, the greater the number of substitutes
Indicate whether the statement is true or false
TRUE
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The above table shows the short-run total product schedule for the campus book store. At what levels of books sold per hour will the marginal product of labor be greater than the average product of labor?
A) 40 books sold per hour B) 73 books sold per hour C) Both A and B are correct. D) Neither A nor B is correct.
The LM curve illustrates that when income increases, the
A) price level must increase to clear the asset market. B) real interest rate on nonmonetary assets must increase to clear the asset market. C) price level must increase to clear the goods market. D) real interest rate on nonmonetary assets must increase to clear the goods market.
The demand for durable goods tends to be more price elastic than the demand for non-durables
a. true b. false
The greater the consumer's reluctance to shift brands, the lower the price elasticity of demand
a. True b. False Indicate whether the statement is true or false