Which of the following is an example of a sunk cost?
A) The cost incurred in painting a new office space
B) The wage paid to workers in a mill
C) The cost of raw materials used in a factory
D) The cost of electricity used in the office
A
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The table above gives the demand schedule for peas. Which of the following statements CORRECTLY describes the price elasticity of demand?
A) The price elasticity of demand is larger at point A than at point B. B) The price elasticity of demand is larger at point D than at point A. C) The price elasticity of demand is constant because the slope is constant. D) The price elasticity of demand increases moving from point A to point B to point C to point D to point E.
Stagflation is:
A. high inflation despite low economic growth and low unemployment. B. low economic growth, despite low inflation and low unemployment. C. high unemployment, despite low inflation and low economic growth. D. high inflation along with low economic growth and high unemployment.
The equilibrium level of GDP can be determined by finding the output level at which the unplanned change in inventories is
a. greater than aggregate expenditures b. less than aggregate expenditures c. zero d. equal to government expenditures e. equal to consumer spending
Which industry here is unlikely to exhibit price discrimination?
A. Airlines. B. Colleges. C. New cars. D. Supermarkets.