The quantity demanded in a market depends on many things, but the concept of elasticity focuses on the effect of changes in the price of the good
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following is TRUE of the European Union's cap-and-trade program?
A) Firms are taxed based on the their pollution levels. B) Firms are forced to shut down when they exceed their pollution limits. C) Governments subsidize firms to develop devices to reduce pollution. D) Firms can trade pollution permits to meet their pollution limits.
Specialization of labor
a. increases productivity without creating any problems b. reduces productivity, and is usually eliminated by business firms c. can create problems of boredom and repetitive motion injuries d. prevents the introduction of more sophisticated and efficient production techniques e. ignores individual preferences and natural abilities
Policymakers have generally come to accept the view that advertising enhances the efficiency of markets
a. True b. False Indicate whether the statement is true or false
A perfectly elastic demand curve has a price elasticity of demand coefficient of:
A. zero. B. infinity. C. greater than 1, but less than infinity. D. less than 1, but greater than zero.