Elasticity of demand is another way to measure slope.
Answer the following statement true (T) or false (F)
False
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Forty or so dealers establish a "market" in these securities by standing ready to buy and sell them
A) secondary stocks B) surplus stocks C) U.S. government bonds D) common stocks
In deciding whether to operate in the short run, the firm must consider the relationship between price and
A) total cost. B) average variable cost. C) total fixed cost. D) the number of buyers.
If the opportunity cost of production rises as more of a good is produced,
a. the terms of trade will be independent of opportunity costs b. the production possibilities curve will be a straight line c. a country will specialize in producing only those goods in which it has a comparative advantage d. a country should produce any good in which it has an absolute advantage e. a country may not specialize completely in the goods in which it has comparative advantage
According to utilitarians, the ultimate objective of public actions should be to
a. ensure the poor can afford an adequate diet. b. distribute income uniformly. c. maximize the sum of individual utility. d. prevent all people from experiencing diminishing marginal utility.