The price elasticity of demand for DVDs is 2. If the price of a DVD increased by 2 percent, the quantity demanded will ________
A) decrease by 2 percent
B) not change
C) decrease by 4 percent
D) decrease by 1 percent
C
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Which of the following is true?
a. The empirical evidence indicates that the earnings gap between whites and blacks is entirely the result of employment discrimination. b. After adjusting for factors such as education, experience, and location, the earnings of black men are almost identical to the earnings of similar white men. c. If employers can hire equally productive minority employees at a lower wage than non-minorities, the profit motive provides a strong incentive to do so. d. Employers who discriminate against blacks and other minorities will have lower costs than rival firms that hire employees strictly on the basis of merit (productivity).
A stand of redwood trees is not an example of a factor of production but the harvested and processed redwood is a factor of production
Indicate whether the statement is true or false
A market structure with only a few sellers, each offering similar or identical products, is known as
a. oligopoly. b. monopoly. c. monopolistic competition. d. perfect competition.
Figure 2-10
Movement from point K on the production possibilities curve for food and clothing in , to point J inside the curve could be the result of
a.
an increase in opportunity costs
b.
supply and demand
c.
greater efficiency
d.
a decrease in the population
e.
an increase in unemployment