A baker of chocolate chip cookies is likely to have a ________ price elasticity of supply than does the seller of rare baseball cards due to ________.
A. more elastic; the availability of inputs
B. less elastic; the availability of inputs
C. less elastic; a more flexible production process
D. less elastic; a shorter adjustment time
Answer: A
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Why do the sellers of some whiskeys pay for advertisements to tell people their whiskey is extremely expensive?
A) Because the sellers either do not know or do not accept the law of demand B) To allocate the product to people who will most appreciate it C) To increase the demand D) To lower the demand and keep production costs low E) To prevent "price shock" among potential customers
The price elasticity of demand
a. is determined by the Federal Reserve Bank at a monthly meeting. b. only works well in competitive markets. c. intersects with the price elasticity of supply to determine the market equilibrium. d. is equal to the slope of the demand curve. e. varies from one point to another on a typical demand curve.
Which of the following would shift the demand curve for new textbooks to the right?
A) A decrease in the price of paper. B) A fall in the price of used textbooks. C) An increase in college enrollments. D) A fall in the price of new textbooks
Which of the following is not directly counted in GDP?
A) investment expenditures B) government purchases C) intermediate goods D) consumer goods