The variation in an economic time-series which is caused by major expansions or contractions usually of greater than a year in duration is known as:
a. secular trend
b. cyclical variation
c. seasonal effect
d. unpredictable random factor
e. none of the above
b
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Suppose when the price of jean-jackets increased by 10 percent, the quantity supplied increased by 16 percent. Based on this information the price elasticity of supply of jean-jackets is
A) 6%. B) 1.6%. C) 1.6. D) 0.625.
Which of the following is never true for a sales revenue maximizer with an upward-sloping supply curve?
a. MR = 0 b. MR = MC c. Economic profits are positive. d. P = MC
Poverty is found to be correlated with
a. age and race but not family composition. b. race only. c. race and family composition but not age. d. age, race, and family composition.
In a perfectly competitive market, how do the number and size of suppliers relate to the ability to enter and exit into markets?
What will be an ideal response?