Many younger people eat peanut butter AND jelly, whereas many older people eat peanut butter OR jelly. This suggests that the cross elasticity of demand between peanut butter and jelly is
A) negative for youngsters and positive for oldsters.
B) positive for youngsters and negative for oldsters.
C) negative for youngsters and zero for oldsters.
D) positive for youngsters and zero for oldsters.
A
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All of the following are economic functions of the government EXCEPT
A) providing a legal system. B) determining the wage rate for most jobs. C) promoting competition in the market. D) providing public goods.
Which of the following is considered by economists to be the most fundamentally scarce?
a. money b. ideas c. needs d. food e. physical resources
________: the amount by which the quantity demanded exceeds the quantity supplied at a particular market price
Fill in the blank(s) with correct word
Suppose the MRP of the 49th worker at a firm is $25 and that the market wage rate is $15. We know that if this firm operates in perfectly competitive product and labor markets
A) the firm is paying wages above the minimum wages. B) the firm's profits would increase if it fired some workers. C) the firm would be more profitable if it hired more workers. D) the firm should use more capital.