The price elasticity of demand for a variable input will be more elastic in all the following cases EXCEPT
A) the greater the price elasticity of demand for the final product.
B) the easier it is for a particular variable input to be substituted for by other inputs.
C) the larger the proportion of total costs accounted for by a particular variable input.
D) the shorter the time period being considered.
D
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A good example of central planning at work in the U.S. is:
A. McDonald's fries being the same everywhere. B. New York City's rent control program. C. car manufacturers establishing suggested retail prices. D. unions working with businesses to establish wages.
Money can BEST be described as:
A) anything that is generally accepted as payment for goods and services or in the settlement of debts. B) paper that can be used to purchase goods and services C) commodities that have intrinsic value D) any form of wealth possessed by consumers
If the price elasticity of demand is between -1 and - , then demand is inelastic
a. True b. False Indicate whether the statement is true or false
In games, strategies are:
A. the outcomes players want to achieve. B. the plans of action that players follow to achieve their goals. C. the same for everyone to achieve the same goal. D. All of these statements are true.