An inelastic supply schedule means that _____
a. suppliers are unwilling to substitute away from producing the good
b. demanders are unwilling to substitute away from consuming the good
c. demanders are unwilling to substitute towards consuming the good
d. suppliers are unwilling to shift any portion of an imposed tax onto demanders
a
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In 1770,all the Townshend duties were repealed except_____
a. the duty on tea b. the duty on glass c.the duty on paper d.the duty on red and white lead
A good is characterized by network economies if it:
A. becomes more valuable as more people own it. B. is widely advertised on television. C. can be used by more than one person at a time. D. becomes cheaper to produce as more people buy it.
Figure 10.1 depicts a firm's marginal revenue product curve. Why does the marginal revenue product of labor decrease faster as the firm increases its use of labor by 10 hours?
A. Because the marginal product of labor decreases at an increasing rate. B. Because the marginal product of labor decreases at a decreasing rate. C. Because the marginal product of labor increases at an increasing rate. D. Because the marginal product of labor increases at a decreasing rate.
China has a comparative advantage in textiles and an absolute advantage in both textiles and radios. Japan has a comparative advantage in radios. According to this scenario
A. China should export textiles and import radios. B. China should export both radios and textiles. C. Japan should export textiles and import radios. D. Japan should import both radios and textiles.