If the price elasticity of supply is equal to 1, we would say the supply of the item is
A. elastic.
B. inelastic.
C. unit elastic.
D. perfectly elastic.
Answer: C
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Using the data in the above table, if the price of an hour of labor is $10 and the price of a unit of capital is $20, then the most economically efficient technique for producing 100 sweaters is
A) A. B) B. C) C. D) D.
Jake is a corn farmer in Nebraska. He rents his land on a long-term lease for $250,000 a year. He pays his farm hands $28,000 a year
Is his rent a fixed cost or a variable cost? Are the wages he pays his workers a fixed cost or a variable cost? Briefly explain your answers.
Those who favor changes in the market for health care that would make it more like the markets for other goods and services favor what are generally known as market-based reforms
Indicate whether the statement is true or false
Which of the following is a correct reason for stating that the United States has a fiduciary monetary system? I. Our money is convertible to a fixed amount of silver or gold. II. Our money has a predictable value
A) I only B) II only C) Both I and II D) Neither I nor II