The distinguishing feature of the land market is that the
a. supply is highly inelastic.
b. supply is highly elastic.
c. demand is highly inelastic.
d. demand is highly elastic.
a
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A rise in the price level brings a ________ in the real wage rate that ________ profits which leads to ________ production
A) rise; reduces; increasing B) rise; reduces; decreasing C) fall; increases; increasing D) rise; increases; decreasing E) fall; decreases; decreasing
A physician who laid off her nurse and receptionist and performed their tasks herself would probably
A) decrease her accounting profit but increase her economic profit.
B) decrease her profit from the economist's point of view even if she increased her accounting profit.
C) increase both her accounting and economic profit if her practice was a busy one.
D) wind up with lower labor costs unless the layoff greatly increased the demand for her professional services.
E) work more efficiently in order to get everything done.
According to some New Keynesian theories, one possible rationale for active policy making is
A. flexible prices. B. growing competition in U.S. product markets. C. people are not rational and so do not react to incentives. D. sluggish adjustment of the price level in response to changes in aggregate demand
The Fill-in-the-Blank State University women's basketball team plays its games in the same facility as the men's team. The seating capacity is the same for each. A profit maximizing university would
A. set ticket prices based on the quantity where MC=MR but to average that price for men and women and charge the same. B. set ticket prices based on the quantity where MC=MR so that the profit to each is maximized. C. set ticket prices based on the quantity where MC=MR for the men and give the tickets to the women's games away. D. set identical ticket prices for men's and women's teams based on what would sell out every game.