The behavior of the entertainment industry in Detroit is a microeconomic topic
a. True
b. False
A
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Over a particular price range, if the quantity effect of a price decrease is smaller than the price effect, it implies that:
A) demand is elastic in the price range. B) demand is inelastic in the price range. C) the demand curve is horizontal in the price range. D) the demand curve is upward sloping in the price range.
Refer to Figure 13-2. Ceteris paribus, an increase in the expected price of an important natural resource would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
Industrial entrepreneurs like J.P. Morgan, Henry Ford and Andrew Carnegie were driven by desires to earn profits. In the process of pursuing these profits, American consumers were made better off
Indicate whether the statement is true or false
A competitive firm should continue to hire workers until the MRP is equal to
A. The number of workers hired. B. The market wage rate. C. Zero. D. Demand.