Recall the Application about food and drink pricing during "happy hour" at bars and restaurants to answer the following question(s).Recall the Application. During "happy hour," many bars and restaurants face an increase in demand for food and drink, and these establishments often cut prices during these times of increased demand. When this demand increases, the bars and restaurants face a ________ demand curve.
A. perfectly elastic
B. perfectly inelastic
C. more elastic
D. more inelastic
Answer: C
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Once the categories of income are totaled, the sum is called
A) GNP and is not equal to GDP. B) "total income earned" and is equal to GDP. C) "net domestic product at factor cost" and is equal to GDP. D) "GDP measured by the income approach." E) "net domestic product at factor cost" and is not equal to GDP.
An increase in saving that leads to more capital accumulation ________ labor productivity
A) increases B) does not change C) decreases D) probably changes but in an ambiguous direction
The Second Bank of the United States lost its charter, in part, because Andrew Jackson effectively argued to the voting members of Congress that the "central" bank was a monopoly and largely influenced by the corrupt and fraudulent behavior of a
wealthy minority and foreign investors. Indicate whether the statement is true or false
What is the usual response of firm to an increase in the price of what they sell?
a. An increase in output. b. An increase in hiring factors of production. c. An increase in the profit level of the firm. d. An increase in employment at the firm. e. All of the above.