If the demand for a life-saving drug was perfectly inelastic and the price doubled, the quantity demanded would
A) also double. B) remain constant. C) decrease by 50%. D) be cut in half.
B
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In the United States, the labor-force participation rate since 1960 has been
A) increasing for females. B) unchanged for both males and females. C) declining for females. D) declining for both males and females.
Based on the production and revenue data in the above table, if the wage rate is $35 per worker, how many workers will be hired?
A) 5 B) 4 C) 3 D) 2
The Civil Aeronautics Board (CAB) was:
a. established in 1934 and reorganized in 1984. b. established in 1938 and eliminated in 1984. c. established in 1938 and reorganized in 1991. d. never a regulatory agency.
An unregulated natural monopolist would produce to the point at which
A) P = AC. B) MR = AC. C) MR = MC. D) P = MR.