Who participates in markets?
A. Business firms and consumers.
B. Business firms.
C. Consumers and government agencies.
D. All of the choices are correct.
Answer: D
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The following price-quantity coordinates for gold used by U.S. dentists were observed: P = $875/ounce, Q = 342,000 . P = $200/ounce, Q = 706,000 . These points most likely lie along the
a. supply curve for gold for dental use. b. demand curve for dental use. c. equilibrium curve for dental use. d. production possibilities curve for dental use.
Economists consider price discrimination to always be undesirable
a. True b. False Indicate whether the statement is true or false
Investment increases by $200 million and the value of MPC is 0.75 . What would be the total increase in spending?
a. $200 million b. $266 million c. $750 million d. $800 million
The term “unit elasticity” is used to describe a situation in which a rise in price is accompanied by
A. a fall in total expenditure. B. a rise in total expenditure. C. constant total expenditure. D. a unit decrease in total expenditure.