If the percentage change in price is 10 and the percentage change in quantity supplied is 10, supply is:
A. unaffected by price changes.
B. inelastic.
C. unit elastic.
D. elastic.
Answer: C
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Which of the following is part of the market structure for monopolistic competition?
A) barriers to entry B) a large number of firms compete C) each firm produces a differentiated product D) Both answers B and C are correct.
When the market price has fallen below a firm's ATC but is above its AVC, in the short run, the firm:
A. then MC must be greater than MR. B. can minimize its losses by staying open. C. is earning positive profits. D. then a firm is covering all of its fixed costs, but not all of its variable costs.
Recently, countries with higher per capita income have tended to have
A. higher GDP growth rates than poor countries B. lower GDP growth rates than poor countries C. negative GDP growth rates D. no tendency to grow faster or slower than poor countries
Which age group experiences the highest rates of unemployment in the United States?
A. 35 to 44 years old. B. 45 to 54 years old. C. 16 to 24 years old. D. 25 to 34 years old. E. 55 to 64 years old.