Economists use the concept of ________ to measure how one economic variable, such as quantity, responds to a change in another economic variable, such as price
A) elasticity B) slope C) relativity D) efficiency
A
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Assume that workers in a purely competitive industry are earning a wage rate of $15 and the price of the product they are producing is also $15 what does this imply about the marginal productivity of these workers?
What will be an ideal response?
Why might an individual set up trusts?
A. as a strategy to avoid taxes on wealth. B. for lower insurance premiums. C. to insure the security of a loan. D. to have a steady stream of income during retirement.
A consumer maximizes her total utility from a bundle of goods when her marginal utility from each good is equal
Indicate whether the statement is true or false
In a budget line, a decrease in the price of the good on the y axis is graphically represented by:
A. a rightward parallel shift of the budget line. B. a steeper slope of the budget line. C. a leftward parallel shift of the budget line. D. a flatter slope of the budget line.