Which of the following makes demand less elastic?
A) the existence of many close substitutes for the good
B) spending a large proportion of income on the good
C) a short time elapsing since the product's price changed
D) All of the above answers are correct.
C
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The belief that having more of something makes you happier but in successively smaller increments is called
A) utilitarianism. B) diminishing marginal utility. C) the benefits-received principle. D) transcendentalism.
A perfectly competitive wheat farmer in a constant-cost industry produces 3,000 bushels of wheat at a total cost of $36,000. The prevailing market price is $15. What will happen to the market price of wheat in the long run?
A) The price falls to $12. B) The price rises above $15. C) The price remains constant at $15. D) There is insufficient information to answer the question.
Refer to Figure 28-8. A typical long-run Phillips curve would have the appearance of a curve running through points
A) A and B. B) A and C. C) B and C. D) A, B, and C.
Suppose Larry's Lariats produced 25,000 lassos and sold each for $10. What was the total revenue for the company?
A. $250,000 B. $25,000 C. $2,500 D. $2,500,000