An increase in the expected future price of a good may act to increase the present price of the good
a. True
b. False
Indicate whether the statement is true or false
True
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The ability of factors to migrate abroad
A) reduces the severity of unemployment and the fall in the rate of return available to investors. B) increases the severity of unemployment and the fall in the rate of return available to investors. C) reduces the severity of unemployment but increases the fall in the rate of return available to investors. D) cannot change the severity of unemployment and the constant rate of return available to investors. E) reduces the migration of highly-skilled workers.
If total revenue increases when price increases:
A. demand is elastic. B. demand is inelastic. C. demand is unit elastic. D. Any of these could be true.
Normal profit is defined as a(n):
a. foregone percent rate of return. b. opportunity profit. c. implicit profit. d. minimum necessary to keep a firm in operation.
The side of the market that will bear a greater share of the tax burden is the side that:
A. responds more to a change in prices. B. is more inelastic. C. changes quantity by a larger percentage when the price changes by a given percentage. D. bears the statutory burden of the tax.