If the supply curve is relatively flat, then the price elasticity of supply will be:
A. relatively large.
B. relatively low.
C. unit elastic.
D. greater than one.
Answer: A. relatively large.
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A firm's cost of production is determined by all of the following except
A) the productivity of its workers. B) the amount of corporate taxes it must pay on its profit. C) the technology used to produce its output. D) the cost of raw material used in production.
If a person buries his money in his backyard, he is using money as a medium of exchange
a. True b. False Indicate whether the statement is true or false
In the United States, the central bank is the:
A. National Bank of the United States. B. Congressional Budgeting Office. C. Federal Reserve. D. Treasury.
The graph above might represent the ________
A) response to an increase in the fraction of the population engaged in research and development B) response to a rise in the productiveness of research and development C) response to an increase in the total population D) response to a rise in the saving rate