The supply curve in the market for land that has limited availability is:
a. perfectly elastic.
b. relatively inelastic.
c. unit elastic.
d. perfectly inelastic.
e. relatively elastic.
d
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Table 11-1 Quantity (units)18161412104Price per unit (dollars)123 4 5 6 Total cost (dollars)44 3832262014Table 11-1 shows demand and total cost schedules for the monopolist Monopoliteria. Monopoliteria’s profit-maximizing price per unit in dollars is
A. 1 B. 3 C. 5 D. 4 E. 6
Assume that a consumer purchases only two products and there is a decrease in the consumer's income. The prices of the two products stay constant. The decrease in income will result in a:
A. Shift of the budget line inward to the left B. Shift of the budget line outward to the right C. A decrease in the slope of the budget line D. An increase in the slope of the budget line
When do consumers bear the larger share of a tax?
What will be an ideal response?
The extra cost associated with producing or consuming the next unit is called the:
A. marginal cost. B. variable cost. C. utility cost. D. sunk cost.