Draw the demand curve for a good whose price elasticity of demand is equal to infinity. Be sure to label both axes.
What will be an ideal response?
The demand curve in the graph is a horizontal line, indicating that the quantity of the good is infinitely responsive to any change in price.
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The table above shows the total product schedule for Shines Car Wash. The market for car washes is perfectly competitive and car washes sell for $5 each. The labor market is competitive and the wage rate is $50 per day
What is the value of marginal product for each worker? How many workers does the firm hire to maximize profit?
Suppose you withdraw $1,000 from your savings account and put it under your mattress. Briefly explain how this will affect M1 and M2
What will be an ideal response?
Foreign portfolio investment in the United States has continually declined since 1995
Indicate whether the statement is true or false
Refer to the information provided in Figure 9.2 below to answer the question(s) that follow.
Figure 9.2Refer to Figure 9.2. If MR = $5, then in the long run
A. new firms will enter the industry and the current firms will expand production. B. firms will increase their output so that their average fixed cost per unit falls. C. the firm will increase its price and output. D. the firm will exit the industry.