The demand for markers is _______________________ than is the demand for Sharpies because ____________________.
A. less price elastic; markers require a smaller portion of one's income
B. more price elastic; markers require a smaller portion of one's income
C. less price elastic; the scope of the market for markers is more broadly defined
D. more price elastic; the scope of the market is for markers is more broadly defined
C. less price elastic; the scope of the market for markers is more broadly defined
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In the above figure, the efficient quantity is
A) 0 units. B) 70 units. C) 80 units. D) 100 units.
Profit maximization requires that
A) the marginal factor cost of every input equals that input's marginal physical product. B) the marginal factor cost of every input equals that input's marginal revenue product. C) the amount of one input hired divided by the amount of another input hired equals the total costs of the first input hired divided by the total costs of the second input. D) equal amounts of each input are employed.
Figure 10-6
In Figure 10-6, which graph best illustrates the effect of the beginning of the Iraq war in 2003?
a.
(1)
b.
(2)
c.
(3)
d.
(4)
The slope of the consumption function:
A. is horizontal. B. equals 1. C. equals the marginal propensity to consume. D. is vertical.