The demand for fish today decreases if there are expectations that the price of fish may increase in the future
Indicate whether the statement is true or false
F
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If the government eliminated unemployment benefit payments what would be the effect on the level of real GDP and well being in the economy?
The two types of market structures that are imperfectly competitive are:
A. perfect competition and monopolistic competition. B. monopolistic competition and oligopoly. C. oligopoly and monopoly. D. monopoly and perfect competition.
Marginal resource cost is defined as the
a. additional cost of producing an additional unit of output b. change in resource employment required to increase the units of output produced c. ratio of marginal revenue product to the market price of the output sold d. additional cost of employing one additional unit of a resource e. ratio of the change in total resource usage to the change in total resource cost
The demand for a luxury good whose purchase would exhaust a big portion of one's income is:
A. perfectly price inelastic. B. perfectly price elastic. C. relatively price inelastic. D. relatively price elastic.