The demand curve depicts quantities demanded that have been gathered as prices have changed over time.
Answer the following statement true (T) or false (F)
False
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The price elasticity of demand for cigarettes is 0.4. If government wants to reduce smoking by 10 percent, by how much should it raise the price of cigarettes by imposing a tax?
A) by 10 percent B) by 20 percent C) by 25 percent D) by 50 percent
Improvements in labor productivity
A) affect the level of wages, but do not affect the rate of economic growth. B) affect the level of profit, but do not affect the rate of economic growth. C) hinder economic growth, because they cause unemployment. D) contribute to economic growth.
What do economists call the highest amount a consumer will pay to purchase a good?
Diminishing marginal returns occur only in the long run.
Answer the following statement true (T) or false (F)