When quantity demanded responds strongly to changes in price, demand is said to be
a. fluid.
b. elastic.
c. dynamic.
d. highly variable.
b
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In the above table, the technique that is not technologically efficient is
A) A. B) B. C) C. D) D.
According to the above figure, the profit maximizing price-output combination for the monopolist is a price of
A) 50 cents and an output of 40,000 newspapers per day. B) 30 cents and an output of 30,000 newspapers per day. C) 60 cents and an output of 30,000 newspapers per day. D) 45 cents and an output of 45,000 newspapers per day.
It is generally more profitable for a firm to pay workers more than the going wage rate:
A. in sectors where skills are scarce. B. in industries in which worker motivation doesn’t really matter. C. in areas in which turnover is not very costly. D. All of these are true.
Knowledge and skills are part of ________ in an economy.
A. educational functions B. human capital C. market growth D. innovation