The operation of the "invisible hand" means the pursuit of private interests promotes social interests in pure competition.
Answer the following statement true (T) or false (F)
True
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Over ninety-five percent of all new businesses that open each year in the United States employ ________ workers
A) only one or two B) fewer than 20 C) 50 or more D) over 100
Jim saw a decrease in the quantity demanded for his firm's product from 8000 to 6000 units a week when he raised the price of the product from $200 to $250 . What is Jim's own price elasticity of demand?
a. 1.29 b. 1 c. 0.25 d. 0.78
A decrease in price:
A. does not change quantity demanded if demand is elastic. B. does not cause a quantity effect when demand is perfectly inelastic. C. causes a decrease in total revenue due to the quantity effect. D. causes an increase in total revenue due to the price effect.
Using Figure 1.5, if an economy is currently producing on PP2, which of the following would shift the production possibilities curve toward PP1?
A. A decrease in the amount of capital available. B. A decrease in the level of unemployment towards the normal level. C. An increase in the quantity of labor available. D. An advancement in technology.