For most items, we find the price elasticity of supply will be
A) negative.
B) positive.
C) zero.
D) infinity.
Answer: B
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Economic theory assumes people will not do what is in the interest of all unless it is in the interest of
A) each. B) humanity. C) the government. D) the public. E) their own pocketbooks.
The aggregate demand curve shows the alternative combinations of the price level and real income that result in simultaneous equilibrium in both the goods and money markets
Indicate whether the statement is true or false
At what quantity is Jim's Production indifferent between two technologies?
a. 5000 b. 7500 c. 10000 d. 12500
One reason why a monopolist might be able to provide greater output at lower costs than other market structures is that some monopolists
a. earn exceptional profit which allows them to lower price and costs b. produce high volume output which allows them to capture economies of scale so that their ATCs are lower c. have high market share which allows them to raise price and lower cost at the same time d. exploit their labor force by offering low wage rates so that costs are lower e. do not advertise, thereby reducing costs