The more elastic is the demand for the good, the
a. more elastic will be the demand for the resources used to produce the good
b. less elastic will be the demand for the resources used to produce the good
c. less effect any given wage rate increase will have on employment
d. higher the wage rate increase the union can achieve without causing unemployment
e. more elastic will be the supply of resources used to produce this product
A
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A disadvantage of the travel cost method is
a. it cannot determine monetary values b. it estimates only user value and not existence value c. it focuses on recreational use making it ineffective for commercial use d. all of the above e. (b) and (c) only
A decrease in the discount rate:
a. increases reserve holdings of the commercial banks. b. leads to an increase in the interbank rate charged by commercial banks. c. lowers the cost of borrowing from the Fed. d. causes an increase in the federal funds rate. e. decreases the money supply.
A small, one-unit change in value is called a marginal change.
Answer the following statement true (T) or false (F)
The number of firms in a monopolistically competitive market will be smaller if
A) the market demand curve shifts rightward. B) the minimum efficient scale is lower. C) fixed costs are smaller. D) fixed costs are larger.