If prices falls, what happens to the demand for a product?
What will be an ideal response?
It does not change.
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Renee runs an accounting firm that does tax returns, which she operates out of a building that she owns downtown. She hires all of the accountants and buys the equipment and supplies for the business. The costs used to calculate the total cost curve include
A. the salaries of the accountants, the equipment and supply costs, and the opportunity cost of the building that houses the firm. B. only the salaries of the accountants and the equipment and supply costs, since she owns the building. C. just the costs of the accountant’s salaries. D. the costs of the accountant’s salaries plus the opportunity costs of the building.
If the supply curve for orange juice is estimated to be Q = 40 + 2p, then, at a price of $2, the price elasticity of supply is
A) .01. B) .09. C) 1. D) 11.
Social Security payments were not indexed to adjust for inflation until:
A. 1940. B. 1968. C. 1975. D. 1990.
Economic development encompasses which of the following measures?
a. Economic growth. b. The political environment. c. Education. d. All of these.