Goods and services for which network concerns are important have ________ demand.
A. relatively inelastic
B. relatively elastic
C. unitary elastic
D. perfectly inelastic
Answer: B
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When does a price searcher's marginal revenue curve lie below its demand curve?
A) At all times, since this is the definition of a price searcher B) When it cannot confine price reductions to the new sales it's trying to attract by lowering its price C) When it is producing more than the net revenue maximizing quantity D) When its marginal cost curve is rising E) When the demand curve slopes downward to the right
Using the money demand and money supply model, an open market sale of Treasury securities by the Federal Reserve would cause the equilibrium interest rate to
A) not change. B) increase, then decrease. C) increase. D) decrease.
For a monopolist, at the profit-maximizing level of output price is:
A. equal to marginal revenue. B. equal to marginal cost. C. chosen according to demand. D. constant.
A certain production possibilities frontier shows production possibilities for two goods, jewelry and clothing. Which of the following concepts cannot be illustrated by this model?
a. the flow of dollars between sellers of jewelry and clothing and buyers of jewelry and clothing b. the tradeoff between production of jewelry and production of clothing c. the opportunity cost of clothing in terms of jewelry d. the effect of economic growth on production possibilities involving jewelry and clothing