If the price-elasticity coefficient for a good is 1.75, the demand for that good is described as
What will be an ideal response?
elastic
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On an isoquant/isocost graph, the least cost input combination of producing a given output is
A) given by the tangency between the isoquant curve and the isocost line. B) any point on the isocost line. C) any point on the isoquant curve. D) one of the intercept values on the graph.
People are forced to economize because of
A. competition. B. pressure to conform. C. scarcity. D. the absence of money.
Efforts by corporate lobbyists to obtain a license that would give a firm a monopoly over the making of a product would be an example of:
A. price discrimination. B. rent-seeking. C. network effects. D. X-efficiency.
Refer to Table 10.2. If the price of output is $2 per unit and the wage rate is $40, how many workers should be hired?
A. six workers B. five workers C. four workers D. three workers