Which of the following sources of productivity is the most difficult to acquire?
A) education
B) experience
C) talent
D) training
C
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If the price of apples is on the vertical axis and the quantity of apples demanded is on the horizontal axis, the slope between two points on the line describing the relationship between price and quantity is
A) the change in price multiplied by the change in quantity. B) the change in price divided by the change in quantity. C) the change in quantity divided by the change in price. D) price divided by quantity.
A perfectly competitive firm faces a demand curve that is
A) perpendicular to the quantity axis. B) horizontal. C) vertical. D) perfectly inelastic.
What can one learn from the following figure?
What will be an ideal response?
The demand for steel has decreased in July without any change in supply. Six months later there still has been no change in steel prices. This is an example of a
A. macroeconomic price. B. price control. C. sticky price. D. price floor.