Refer to the information provided in Figure 1.4 below to answer the question(s) that follow.
Figure 1.4Refer to Figure 1.4. Panel B shows a curve which has a slope that is
A. infinite throughout.
B. first positive and then negative.
C. zero throughout.
D. first negative and then positive.
Answer: B
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_____ measures the percentage change in quantity demanded of a good caused by a given percentage change in the price of a related good
a. Income elasticity of demand b. Cross-price elasticity of demand c. Advertising elasticity of demand d. Price elasticity of demand e. Point elasticity
A seller in a competitive market
a. can sell all he wants at the going price, so he has little reason to charge less. b. will lose all his customers to other sellers if he raises his price. c. considers the market price to be a "take it or leave it" price. d. All of the above are correct.
Dynamic tax analysis assumes that
A. an increase in a tax rate will lead to an increase in the tax base. B. an increase in a tax rate will leave the tax base unchanged. C. the tax base will always remain unchanged. D. an increase in a tax rate may lead to a decrease in the tax base.
In an economy without government or a foreign sector it is always true that
A) actual saving equals actual investment. B) actual saving equals desired investment. C) desired saving equals desired investment. D) desired saving equals actual investment.