Demand tends to be more elastic when:
A. price is high and more inelastic when price is low.
B. price is low and more inelastic when price is high.
C. demand is perfectly inelastic.
D. the quantity demanded is larger.
A. price is high and more inelastic when price is low.
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All of the following are components of aggregate expenditure except
A) government spending. B) net export spending. C) actual investment spending. D) consumption spending.
The Southern economy ________________ from the damages of the Civil War.
A. quickly recovered B. experienced no lingering effects C. suffered decades of economic transition
In the table above, the marginal benefit of the 4 millionth television set is
A) negative 0.5 computers per television set. B) 0.25 computers per television set. C) 0.5 computers per television set. D) 1.0 computer per television set.
In the above table, the average fixed cost of producing 15 units of output is
A) $0.50. B) $2.00. C) $6.66. D) $8.66.