The price elasticity of demand for a monopolist's product depends on
A) the number and similarity of substitutes.
B) the ATC of the item it produces.
C) the AVC of the item it produces.
D) the MC of the item it produces.
A
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Would an economist consider clean air a scarce resource? Explain
What will be an ideal response?
Which of the following statements is false?
A) To an economist, the resource land includes natural resources such as minerals, forests, water and unimproved land. B) To an economist, the resource capital consists of unproduced goods that can be turned into produced goods. C) To an economist, the resource labor consists of the physical and mental talents people contribute to the production process. D) To an economist, the resource entrepreneurship refers to a particular talent that some people have for organizing the resources of land, labor, and capital to produce goods, seek new business opportunities, and develop new ways of doing things.
Letters are used to represent the terms used to answer this question: price (P), quantity of output (Q), total cost (TC) and average total cost (ATC). Which of the following equations is equal to a firm's profit?
A) P - ATC B) (P × Q) - TC C) (P × Q) - (P × ATC) D) P - TC
Which of the following is an example of a final good or service?
A. lumber purchased by a construction company to bin used in building houses B. wheat a bakery purchases to make bread C. coffee beans Starbucks purchases to make coffee D. a computer purchased by Federal Express to track shipments