The demand for desserts tends to be more inelastic than the demand for red velvet cake
a. True
b. False
Indicate whether the statement is true or false
True
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If the government imposes an effective ________, output decreases and ________ increases
A) price support; consumer surplus B) price floor; consumer surplus C) price support; total revenue D) price floor; marginal benefit to consumers E) price ceiling; efficiency
What is the future value of $500 one year from today if the interest rate is 6 percent?
a. $515 b. $520 c. $530 d. None of the above is correct.
A product's ______ describes the amount of the product that is supplied for each possible combination of its price and other factors.
A. production function B. supply curve C. supply function D. production possibilities curve
An example of a cost of economic growth is
A. a larger population size. B. political instability. C. alienation. D. longer life spans.