The more inelastic the demand for a resource the:
A. Less elastic its marginal revenue product curve
B. More elastic its marginal revenue product curve
C. Greater the potential for resource substitution
D. Greater the productivity of the resource
A. Less elastic its marginal revenue product curve
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The New Deal was the economic program of
A. Herbert Hoover. B. Franklin D. Roosevelt. C. Dwight D. Eisenhower. D. Lyndon B. Johnson.
Refer to Figure 7-2. The market equilibrium quantity is ________ thousand vaccinations
A) 200 B) 400 C) 600 D) > 600
Johnny has been working a lot of overtime during the most current economic boom. As a result, his income is high enough for him to move from the 10 percent tax bracket to the 15 percent tax bracket. So, Johnny pays a higher percentage of a higher income to the government this year. The increased amount paid to the government is an example of:
A. discretionary fiscal policy slowing the economy. B. discretionary fiscal policy encouraging economic activity. C. automatic stabilizers slowing the economy. D. automatic stabilizers encouraging economic activity.
A firm is said to be a monopsonist if it is the sole seller of a commodity in the market
a. True b. False Indicate whether the statement is true or false