Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential
B. higher; higher
C. higher; potential
D. lower; higher
Answer: A
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Refer to Figure 15-17. You are a member of a student government and are asked to recommend a price for the course and you argue: "I think the college should charge a price so that it just breaks even on the course". What price should you recomme
A) $0 B) $40 C) $88 D) $150
Because a union is a form of monopoly, it must be concerned about the ________ slope of the demand curve for labor.
A. vertical B. downward C. horizontal D. upward
Unobserved influences on a regression are captured in the
A. error term. B. parameters. C. regression line. D. regression coefficient.
Refer to the information provided in Figure 5.3 below to answer the question(s) that follow.
Figure 5.3Refer to Figure 5.3. Use the midpoint formula. If the price of a gardenburger decreases from $8 to $7, the price elasticity of demand equals ________ and demand is ________.
A. -2.29; inelastic B. -0.47; inelastic C. -3.5; elastic D. -2.14; elastic