Because GDP does not fully account for improvements in the quality of goods, the GDP calculation
What will be an ideal response?
tends to understate the true value of output in the United States
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If price decreases by 10 percent and quantity demanded increases by 30 percent, the price elasticity of demand will be
A) 0.333. B) 3. C) 30. D) 300.
Monopolies are sometimes more technologically efficient than perfectly competitive markets
a. True. b. False.
The replacement of the phonograph by the cassette tape player and the eventual replacement of the latter by CD and MP3 players is an example of
a. economies of scale. b. planned obsolescence. c. diseconomies of scale. d. creative destruction.
Refer to the given table. Relative to column A, column B represents:Price Per UnitColumn A Units Per YearColumn B Units Per Year$20100110$308595$407080$505565$604050
A. a decrease in demand. B. an increase in supply. C. a decrease in supply. D. an increase in demand.