If an economy is producing a combination of goods that places it inside the production possibilities curve, then it has:
A) economic growth.
B) full employment.
C) efficiency.
D) idle factors of production or inefficient use of resources.
Ans: D) idle factors of production or inefficient use of resources.
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Define the term price discrimination. What conditions must hold for a firm to be able to practice price discrimination? How are consumers affected by price discrimination?
What will be an ideal response?
Increasing the income tax rate ________ the ________
A) does not change; supply of labor B) decreases; supply of labor C) increases; supply of labor D) decreases; demand for labor E) increases; demand for labor
The estimated price elasticities of demand for the products listed in the table as "Product A" are from Table 6-2 in the text
Indicate whether the products listed as "Product B" will have a more elastic or less elastic demand than the corresponding Product A. Product A Estimated Elasticity for Product A Product B Is Estimated Elasticity for Product B More Elastic or Less Elastic than for Product A? Beer -0.29 Samuel Adams Boston Lager Chicken -0.37 Organically raised chicken Cocaine -0.28 Illegal narcotics Cigarettes -0.25 Marlboro Lights Restaurant meals -0.67 Denny's Grand Slam breakfast
A market in which a price-controlled good is sold at an illegally high price is known as
A) a flooring market. B) a ceiling market. C) a black market. D) a supermarket.