In the short run, ________ factors of production are fixed, while in the long run, ________ of them are.
A. some; none
B. all; none
C. no; at least some
D. all; at least some
Answer: A
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If Good Smells, a perfume manufacturer, purchases several local retail shops to sell their perfumes, this is an example of ________.
A) outsourcing B) divestiture C) backward integration D) forward integration
In less-developed countries, the ________ effect leads to ________.
A. input-substitution; labor intensive production B. input-substitution; mechanized production C. output effect; labor intensive production D. input effect; mechanized production
If the demand is perfectly elastic, buyers pay the entire tax
Indicate whether the statement is true or false
The value of price elasticity of demand is more likely to be above 1 if:
a. consumers have a long time to adjust to a price change. b. the product is a necessity. c. demand is inelastic. d. there are few close substitutes for the product. e. total revenue declines in response to a price reduction.