If cross elasticity between two goods is zero, then the goods are
a. perfect substitutes
b. perfect complements
c. good but not perfect substitutes
d. not considered to be substitutes
e. good but not perfect complements
D
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If marijuana were legalized, it is likely that there would be an increase in the supply of marijuana. Advocates of marijuana legalization argue that this would significantly reduce the amount of revenue going to the criminal organizations that currently supply marijuana. These advocates believe that the
a. supply for marijuana is elastic. b. demand for marijuana is elastic. c. supply for marijuana is inelastic. d. demand for marijuana is inelastic.
Assume the price of tomatoes increases. Which of the following causes would correspond to greater producer surplus?
A) an increase in supply B) an increase in costs C) a decrease in supply D) an increase in demand
In the table above, what price level belongs in space D?
A) 125 B) 130 C) 140 D) 145
All economists agree that the firm's only goal is to maximize profit
Indicate whether the statement is true or false