Damage from floods and hurricanes which destroy a large portion of this year's crop of oranges will definitely make oranges more price inelastic in supply
Indicate whether the statement is true or false
FALSE
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Which of the following applies to money when it serves as a store of value?
I. Money is a store of value because it is an agreed measure for stating goods' prices. II. The more stable money's value, the better it serves as a store of value. III. When money serves as a store of value, it requires a double coincidence of wants. A) I only B) II only C) I and II D) II and III
An improvement in technology would cause each of the isoquants in a firm's isoquant map to shift out away from the origin
Indicate whether the statement is true or false
Explain why marginal revenue is less than price for a monopolist.
What will be an ideal response?
A business cycle
a. is ups and downs in the level of economic activity over time b. is irregular and unpredictable c. has existed since recorded history d. all