Which of the following would be most inelastic with regard to price?
a. a Samsung LCD television
b. a Sony LCD television
c. all LCD televisions
d. Demand for all of the above would be equally elastic because none are necessities.
c
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If the price elasticity of supply for a good is 10, then supply is
A) elastic. B) inelastic. C) unit elastic. D) perfectly elastic. E) perfectly inelastic.
If a consumer allocates her income between two goods, x and y, then she will be in equilibrium when
a. MUx/Px = MUy/Py and she is below her budget constraint b. MUx = MUy and she has spent all of her income c. MUx/MUy > Px/Py and all of her income is spent d. MUx/Px = MUy/Py and all of her income is spent e. MUx = MUy and she is below her budget constraint
Primarily markets, not politics, determine the level of "merit goods" provision
Indicate whether the statement is true or false
An increase in the marginal productivity of labor will tend to
a. shift the labor supply curve rightward if the change is temporary. b. result in an increase in employment if the change is temporary. c. result in an increase in employment if the change is permanent. d. all of the above.