A product that has an elastic demand curve has all of the following characteristics EXCEPT
A. it has many substitutes.
B. a consumer can wait to buy the product.
C. it is a large part of a consumer's income.
D. it has few or no substitutes.
Answer: D
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Examples from the United States suggest that the cost to consumers per job saved in highly protected industries is low
Indicate whether the statement is true or false
Most economists think that the economy's self-correcting mechanism is
a. relatively rapid. b. rapid in the short run and sluggish in the long run. c. sluggish in the short run and rapid in the long run. d. relatively sluggish.
The difference between GNP and GDP is explained by:
(a) Exports and imports; (b) The level of investment; (c) Net factor income from abroad; (d) None of the above.
The monopolist will choose the price and output combination at which
A) MC equals AR. B) MC equals MR. C) MC equals price. D) MR equals AR.