Studies show that the demand for gasoline is:
A. price inelastic in the short run but elastic in the long run.
B. price inelastic in both the short and long run.
C. price elastic in the short run but inelastic in the long run.
D. price elastic in both the short and long run.
Answer: B
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The return on wealth (both human and nonhuman) is
A) a stock variable. B) income. C) measured in the form of bonds. D) a stock or flow variable depending upon whether the wealth is in the form of bonds or other financial assets.
How does a monopolist's marginal revenue change as output increases? Why?
What will be an ideal response?
In order to sell more units, a monopolist must lower its prices. As shown in the table below, total revenue will initially ____________ and then ______________.
a. increase, continue to increase b. decrease, continue to decrease c. increase, decrease d. decrease, increase
In response to an increase in the population and the labor force, we would expect
a. both the short run and long run Phillips curve to shift to the right. b. the short run Phillips curve remains unchanged while the long run Phillips curve shifts to the right. c. the long run Phillips curve remains unchanged while the short run Phillips curve shifts to the right. d. both the short run and long run Phillips curve to shift to the left. e. none of the above.