If the demand for airline tickets to Fort Lauderdale is price elastic,
a. airline revenue will increase if supply increases
b. airline revenue will increase if supply decreases
c. a small change in price will cause a large shift in the demand curve
d. a large change in price will cause a small shift in the demand curve
e. a large change in price will cause a large shift in the demand curve
A
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A > B means:
A. bundle A is equally preferred to bundle B. B. bundle A is not preferred to bundle B. C. bundle A is preferred to bundle B. D. bundle A is greater than bundle B.
The demand for a necessity whose cost is a small portion of one's total income is:
A. perfectly price inelastic. B. perfectly price elastic. C. relatively price inelastic. D. relatively price elastic.
Figure 5.4 shows a firm's marginal cost, average total cost, and average variable cost curves. At Q = 50, the average fixed cost is:
A. $30. B. $40. C. $50. D. $60.
Human resources in the poorest DVCs have the following characteristics, except:
A. Populations are large B. Unemployment and under-employment are widespread C. Population growth is low D. Labor productivity is low