For demand function P = 24 - 6Q, demand
A. has unitary elasticity at all points on the function.
B. is elastic at price 16.
C. is elastic at price 12.
D. is elastic at price 2.
Answer: B
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If the supply of a product increases, then
a. more will be purchased at the same price b. the price of the product must have declined c. demand for the good must have increased d. producers are willing to accept a lower price for each unit sold e. producers offer less for sale at each possible price
The competitive firm's profit-maximizing quantity of labor is the quantity where the:
A. quantity of the marginal product of labor is equal to the market wage. B. value of the marginal product of labor is equal to the market wage. C. quantity of the marginal product of labor is equal to zero. D. value of the marginal product of labor is equal to the profit.
The very poorest low-income DVCs typically have relatively:
A. low rates of economic growth and relatively high rates of population growth. B. high rates of economic growth and relatively low rates of population growth. C. low rates of both population growth and economic growth. D. high rates of both population growth and economic growth.
Classifying discouraged workers as unemployed would
A. increase the unemployment rate. B. not change the unemployment rate. C. decrease the unemployment rate. D. have an indeterminate impact on the unemployment rate.