Economic theory predicts that the price of a depletable resource will rise as it becomes more scarce
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose the demand for saline solution is perfectly inelastic for contact lens wearers
If the government imposes a tax on saline solution, what occurs? Be sure to tell what happens to the price paid by the buyers and discuss the incidence of the tax.
The profit maximizing firm produces where total revenue exceeds total cost by the greatest amount
Indicate whether the statement is true or false
The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
If the price of action figures was $10 each, his total utility would be ____ and your marginal utility would be ____.
Table-Demand and Utility Table for action figures
A. $30 and $10
B. $36 and $12
C. $36 and $10
D. $26 and $12