The market demand curve for a product produced in a perfectly competitive industry is normally:
A. upward sloping.
B. a vertical line.
C. a horizontal line.
D. downward sloping.
Answer: D
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Wage rates are typically flexible upward but "sticky" downward
a. True b. False Indicate whether the statement is true or false
Classify the following goods into public goods, private goods, club goods, or common resources with suitable reasons
a. Congested roads b. Education provided by a university
Figure 4-21
Refer to . How much tax revenue does this tax produce for the government?
a.
$480
b.
$600
c.
$800
d.
$1,080
The price of gold is often volatile because:
A. supply is relatively inelastic so changes in demand have a large effect on price. B. supply is relatively elastic so changes in demand have a large effect on price. C. demand is relatively elastic so changes in supply have a large effect on price. D. demand is relatively inelastic so changes in supply have a large effect on price.