If Tattling Tina tattles, what would Bratty Brenda's best response be
a. Hit
b. Not hit
c. Run
d. Hide
b
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The average price of gasoline in June of 2008 in the United States was $3.79 . This was up by 82 cents from the previous year. Forecasters are expecting a drop in gasoline consumption of about 1% for the first time in 16 years
Even though this is a historic moment what do the figures still demonstrate about the elasticity of demand for gasoline? If the price increases go unabated what is likely to happen to the long-run price elasticity for gasoline and why?
GDP provides substantial information about an economy's income distribution
a. True b. False Indicate whether the statement is true or false
A natural monopoly
a. typically arises because of a patent or copyright b. is a firm that, due to economies of scale, can serve a market at lower average cost than two or more firm could c. is a Pareto improvement as compared to a perfectly competitive market d. enjoys diseconomies of scale, so average total cost falls as more output is produced e. enjoys economies of scale, so average total cost rises as more output is produced
The principle of comparative advantage was developed by
A. Harry Truman. B. David Ricardo. C. John Maynard Keynes. D. Adam Smith.