The elasticity of supply of a good that is produced in a perfectly competitive industry is close to zero
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
If Jamal successfully and completely internalizes a negative externality, it follows that
A. transaction costs are zero. B. his marginal private costs are equal to marginal social costs. C. information is asymmetric. D. information is symmetric. E. none of the above
The income effect of a real wage increase is observed when
A) the higher wage causes workers to take more leisure and work fewer hours. B) the higher wage causes workers to take less leisure and work more hours. C) leisure's higher opportunity cost causes workers to take less leisure and work more hours. D) leisure's higher opportunity cost causes workers to take more leisure and work more hours.
When both firms have dominant strategies
A) the outcome is called a dominant strategy solution. B) joint profits are maximized. C) there are multiple Nash equilibria. D) there is a prisoners' dilemma.
What is the immediate effect when Bank A lends $1,000 to a local business?
a. The money supply increases by $1,000. b. The money supply decreases by $1,000. c. Bank A's liability increases by $1,000. d. Bank A's excess reserves increase by $1,000. e. Bank A's demand deposits decrease by $1,000.