Which of the following goods has a perfectly inelastic supply?
A) insulin
B) Diet Pepsi
C) the original portrait of "Whistler's Mother"
D) compact discs by Bush
C
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Which statement is true?
A. The U.S. is both the world's leading creditor nation and the leading debtor nation. B. The U.S. is neither the world's leading creditor nation nor the world's leading debtor nation. C. The U.S. is the world's leading creditor nation and not the world's leading debtor nation. D. The U.S. is the world's leading debtor nation and not the world's leading creditor nation.
The money market achieves equilibrium when
a. individuals no longer want to spend their money b. the price of bonds rises by an appropriate amount c. buyers and sellers agree on a price for commodities d. speculative balances are reduced to a minimum e. individuals who hold bonds are satisfied with what they are holding
If the market mechanism is efficient, the marginal cost accurately measures the opportunity cost of a good or service
a. True b. False Indicate whether the statement is true or false
Due to the impact of increasing returns to scale, smaller firms can produce at a lower average total cost than larger firms
a. True b. False Indicate whether the statement is true or false