Refer to the diagram. Demand is relatively inelastic:
A. at price P 3 .
B. at any price below P 2 .
C. in the P 2 P 4 price range.
D. in the P 2 P 3 price range.
B. at any price below P 2 .
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A nation can produce two products: steel and wheat. The table below is the nation's production possibilities schedule:Production Possibilities ScheduleProductABCDEFSteel012345Wheat100907555300Which of the following output-combinations is unattainable?
A. 4 units of steel and 55 units of wheat B. 95 units of wheat and 0 units of steel C. 30 units of wheat and 3 units of steel D. 1 unit of steel and 80 units of wheat
A monopolistically competitive industry is like a purely competitive industry in that
A. each industry produces a standardized product. B. nonprice competition is a feature in both industries. C. firms in both industries face a horizontal demand curve. D. neither industry has significant barriers to entry.
An example of a short-run fixed factor of production is
A) capital equipment. B) labor. C) electricity. D) postage for mailing.
How many British pounds would it cost to buy a pair of American designer jeans costing $45 if the exchange rate is 1.60 dollars per British pound?
A) 38.125 British pounds B) 28.125 British pounds C) 48.125 British pounds D) 58.125 British pounds E) 18.125 British pounds