When the price elasticity of demand for a good equals
A) 0, the demand curve is vertical.
B) 0, the demand curve is horizontal.
C) 1, the demand curve is vertical.
D) 1, the demand curve is horizontal.
A
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If the penalty on sellers of an illegal good is less than the penalty on buyers of an illegal good, then supply of the good will ________ by ________ demand and the price of the good will ________
A) increase; more than; increase B) decrease; more than; decrease C) decrease; less than; decrease D) decrease; the same amount as; remain the same
Average cost curves have the same shape as
a. total cost curves. b. marginal cost curves. c. total fixed cost curves. d. average fixed cost curves.
The price that a monopolistically competitive firm will charge depends on what its competitors charge.
Answer the following statement true (T) or false (F)
Which of the following countries would economists say definitively is achieving modern economic growth?
A. Zimbabwe experiences a 5.6 percent increase in nominal GDP. B. South Africa experiences a 4.2 percent increase in real GDP. C. Ghana experiences a 3.6 percent increase in nominal GDP per person. D. Nigeria experiences a 2.7 percent increase in real GDP per person.