Which of the following goods is NOT an example of a good that carries an advance purchase discount?
A. Airline tickets
B. Refrigerated milk
C. Prepaid tuition plans
D. "Early bird" conference registration
Answer: B
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The difference between short-run and long-run cost is that in the short run,
a. there are shortages of labor that can restrict output b. only labor can be changed to increase or decrease production c. fixed factors of production have already been chosen d. the market-day supply limits the amount by which producers can change production e. all factors of production are variable
Two variables that have a negative correlation move in opposite directions
a. True b. False Indicate whether the statement is true or false
Assume a price elasticity of demand of 0.50. If the tobacco lobby is successful in reducing a tax on the price of cigarettes by 10 percent, the quantity demanded will:
A. Decrease by 5 percent. B. Decrease by 2 percent. C. Increase by 5 percent. D. Increase by 2 percent.
The demand for a product tends to be less elastic as the product accounts for a larger fraction of a consumer's budget.
Answer the following statement true (T) or false (F)