The cross-price elasticity between baseballs and tennis balls is likely to be a large positive number
a. True
b. False
Indicate whether the statement is true or false
False
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If the consumption function is defined as C = 5,500 + 0.9Y, what is the marginal propensity to consume?
A) 0.1 B) 0.9 C) 5.5 D) 6.1
The principle that consumers and firms optimize
A) is not helpful because some economic agents may behave irrationally. B) is helpful because it allows us to analyze how economic agents respond to changes in their environment. C) only applies to perfectly competitive markets. D) is helpful because it determines the available technology.
The short-run equilibrium of the firm under monopolistic competition has excess capacity.
Answer the following statement true (T) or false (F)
The opportunity cost of an action is:
a. the monetary payment the action required. b. the total time spent by all parties in carrying out the action. c. the value of the best opportunity that must be sacrificed in order to take the action. d. the cost of all alternative actions that could have been taken, added together.