The short-run price elasticity of demand for refrigerators is relatively inelastic
Indicate whether the statement is true or false
False. People can put off buying a refrigerator in the short run. Therefore demand is elastic in the short run.
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An example of an ineffective price ceiling would be the government setting the maximum price of wheat at ________ per bushel when the market price is at $5.00 per bushel.
A. $2.25 B. $3.00 C. $4.75 D. $6.00
The most important dimension of capital is
A. immediate returns. B. depreciation. C. time. D. the interest rate.
Compared with a perfectly competitive firm facing the same costs, long-run equilibrium for a monopolistically competitive firm will result in
A) a higher price and greater output. B) a lower price and less output. C) a higher price and less output. D) a lower price and greater output.
By the 1930s, when new technology advanced and craft distinctions blurred, the
a. AFL went out of business b. AFL welcomed nonskilled workers c. AFL restructured d. CIO was formed e. CIO was disbanded