Which of the following commodities have a high short-run own-price elasticity of supply?
a. Livestock
b. Petroleum
c. Food crops
d. Diamonds
C
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Refer to Figure 12-2. Why is the total revenue curve a ray from the origin?
A) because the firm can sell its product at a constant price B) because revenue increases at a decreasing rate C) because the firm must lower its price to sell more D) because revenue increases at an increasing rate
Another name for internal cost is
A) private cost. B) social cost. C) psychological cost. D) marginal cost.
A large airline calculates that the additional cost of a having a passenger on a flight to the Bahamas as the cost of a bag of peanuts and a soft drink, which totals $1.50, but the airline's price is $600 for potential customers who want to buy vacant seats on the day of the flight. Which economic principle is this airline failing to utilize?
Which of the following compose the M2 money supply?
a. currency only b. currency, demand deposits, other checkable deposits, and traveler's checks c. M1 plus large denomination time deposits and Eurodollar deposits d. M1 plus savings deposits, small-denomination time deposits, and money market mutual funds (retail)