Refer to the above table. Demand is least price elastic at a price of
A. $7.50.
B. $10.00.
C. $5.00.
D. $7.00.
Answer: C
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In the one-input model, a convex producer choice set implies an upward sloping marginal cost curve.
Answer the following statement true (T) or false (F)
For a monopoly earning positive economic profits at the profit-maximizing output level, all of the following are true EXCEPT
A) P > ATC. B) P > MR. C) P > MC. D) P = MR.
Holding other things constant, if the US dollar appreciates, it makes the US exports
a. Less attractive to foreigners b. More attractive to foreigners c. Neither more nor less attractive to foreigners d. None of the above
When the prevailing market wage is above equilibrium, we say:
A. the quantity of labor demanded is more than the quantity supplied. B. there is a surplus of labor. C. there is no unemployment. D. All of these are true.