If elasticity of demand is 10 and price is raised from $100 to $102, by what percentage will quantity demanded fall?
What will be an ideal response?
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Physical capital makes workers ________, so a declining capital stock ________
A) more productive; helps an economy grow B) less productive; helps an economy grow C) more productive; hinders economic growth D) less productive; hinders economic growth
You lose your job and, as a result, you buy more frozen pizzas. For you, frozen pizza are a(n)
a. luxury good. b. inferior good. c. normal good. d. complementary good.
The defining characteristic of a natural monopoly is
a. constant marginal cost over the relevant range of output.
b. economies of scale over the relevant range of output.
c. constant returns to scale over the relevant range of output.
d. diseconomies of scale over the relevant range of output.
Contracts are usually less costly to arrange and enforce than spot market transactions, and they bring benefits that are unobtainable in spot markets
Indicate whether the statement is true or false