The Marshall Lions Club increased the price of hamburgers at their Celebrate Marshall Festival and found that revenues increased. This is likely because, ceteris paribus,
a. the quality of the hamburgers was different
b. the demand for their hamburgers was inelastic
c. the demand for their hamburgers was elastic
d. the quality of the hamburgers was lower
e. more people came to the festival
B
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Varying the quantity of output produced and sold at preset prices is called:
A. self-correcting economics. B. Say's law. C. meeting demand. D. spurring inflation.
Some economists believe that in the long run, the unemployment rate is independent of the inflation rate and so the Phillips curve becomes a vertical line
a. True b. False Indicate whether the statement is true or false
Which of the following products will be sold by a differentiated oligopoly?
a. Automobiles b. Dairy products c. An ingot of steel d. A barrel of oil
Recall the Application about the salaries paid in Major League Baseball to answer the following question(s). Some Major League Baseball players are free agents, meaning they are free to negotiate a contract with any team. Other players are journeymen and apprentices, who are restricted to a single team.Recall the Application. On average, free agents in Major League Baseball tend to be paid a salary ________ their marginal revenue product.
A. significantly higher than B. significantly lower than C. close to D. unrelated to