Which of the following statements is correct?
A. The demand for capital is derived from the demands for outputs.
B. The demands for output are derived from the demand for capital.
C. The demand for capital is derived from the demand for rent.
D. The demand for rent is derived from the demand for capital.
Answer: A
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When Ford decides to increase production of hybrid cars, it directly answers the ________ question
A) what B) how C) for whom D) where E) why
In general, the demand for the product of a monopolistic competitor is
A) unitary elastic. B) relatively inelastic. C) relatively elastic. D) perfectly elastic.
When there is excess demand for a product in a market,
a. price will tend to fall. b. price must be below the equilibrium price. c. price must be above the equilibrium price. d. producers will reduce output and sales will fall.
List three reasons why wages could be set above the equilibrium wage