The flatter the demand curve that passes through a given point, the more inelastic the demand
a. True
b. False
Indicate whether the statement is true or false
False
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The sum of consumer surplus and producer surplus is equal to
A) total profit. B) zero. C) the economic surplus. D) the deadweight loss.
If Sean sells Tom a tennis racket for $50, we would expect
a. both parties to gain from this transaction. b. Sean to gain from the transaction, while Tom loses. c. Tom to gain from the transaction, while Sean loses. d. the well-being of both parties to be unchanged.
Suppose researchers discover a new, lower cost method of producing calculators. As a result, will the supply of calculators increase or decrease?
If one country can produce a good with fewer resources than another country, this is called:
a. absolute advantage. b. geographic advantage. c. specialization. d. comparative advantage.