Negative values of the price elasticity of demand of a good can be attributed to:
A) the Law of Demand.
B) the Law of Supply.
C) the Law of Increasing Marginal Utility.
D) the Law of Diminishing Marginal Rate of Substitution.
A
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Under conditions of perfect competition, AR and MR
a. are represented by a straight vertical line. b. diverge. c. are represented by a straight horizontal line. d. are represented by an upward sloping line.
The Federal Reserve System is divided into how many districts?
A) 1 B) 5 C) 7 D) 12
Compared with a competitive market, a monopsonist will pay a ________ wage and hire ________ workers.
A. higher; more B. lower; more C. lower; fewer D. higher; fewer
What will a market that experiences a positive externality also experience?
a) a greater market output and lower market price than is optimal b) a smaller market output and lower market price than is optimal c) a smaller market output and a higher market price than is optimal d) a greater market output and higher market price than is optimal