When Jack's income increases by $1,000, he spends an additional $850 dollars. This implies that his marginal propensity to consume is 0.85
Indicate whether the statement is true or false
TRUE
Economics
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The restaurant industry is an example of a(n) ________ industry.
A. perfectly competitive B. monopolistically competitive C. monopolistic D. oligopolistic
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The IS curve will shift down and to the left when
A. desired saving declines. B. consumption increases. C. the expected future marginal product of capital declines. D. government purchases increase.
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The following data relate to the supply schedule of a product.PriceQuantity Supplied$51001020015250203002535030500Using the midpoint formula, what is the price elasticity of supply when price increases from $5 to $10?
A. 0.69 B. 0.51 C. 1 D. 0.64
Economics