When own-price elasticity lies between 0 and -1, consumer spending decreases when price increases.
Answer the following statement true (T) or false (F)
False
Rationale: When own-price elasticity lies between 0 and -1, demand is relatively unresponsive to price -- which implies that consumer spending increases when price increases.
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In the equation of exchange, the letter "V" stands for
A) variance. B) validity. C) volume. D) velocity.
GDP has various shortcomings in measuring well-being. Which of the following is not one of these?
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Which of the following statements is not correct?
a. In the long run, there are no fixed costs. b. Marginal cost is independent of fixed costs. c. Economies of scale is a short-run concept. d. Diminishing marginal product explains increasing marginal cost.