A rare coin dealer is likely to have a ________ price elasticity of supply than does a coffee shop due to ________.
A. more elastic; the availability of inputs
B. more elastic; a longer adjustment time
C. less elastic; the availability of inputs
D. more elastic; a shorter adjustment time
Answer: C
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Refer to Figure 2-11. What is the opportunity cost of producing 1 bolt of cotton in Pakistan?
A) 3/8 of a pound of cashews B) 5/8 of a pound of cashews C) 1 3/5 pounds of cashews D) 150 pounds of cashews
The term "dirty float" is used to describe a: a. currency that is allowed to float only in prosperous times
b. nation that switches from free to fixed rates of exchange. c. black market in foreign currencies. d. floating currency that is sometimes changed by government central bank authorities.
It is possible for a merger to result in lower prices for consumers.
Answer the following statement true (T) or false (F)
Tonya, who is rich, and Jerome, who is poorer, both buy orange juice and croissants for lunch at the student cafeteria. Their budget constraints on a diagram with orange juice on the vertical axis and croissants on the horizontal have the same
A) horizontal intercepts. B) vertical intercepts. C) slopes. D) midpoints.