The quantity demanded in a market depends on many things, but the concept of elasticity focuses on the effect of changes in the price of the good.
Answer the following statement true (T) or false (F)
True
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Refer to Figure 10-9. If the consumer has $240 to spend on DVDs and CDs, what is the price of a CD if the budget constraint is BC2?
A) $8 B) $10 C) $20 D) $40
In the very short run ________
A) the real interest rate will be affected by changes in the nominal rate B) monetary policy has an immediate effect on inflation C) the inflation rate is determined by the federal funds rate D) all of the above E) none of the above
Which of the following is least likely to be considered an input to production?
A) a supervisor's time B) an integrated circuit fabrication plant C) wind D) None of the above.
Which of the following is an output of production?
A) a haircut B) a U.S. savings bond C) a share of Acme Corporation stock D) None of the above.