Changes in one variable on a graph might be caused by the other variable on the graph or by a third omitted variable
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
Which of the following situations will arise in the domestic market following the imposition of an import quota?
A) imports decrease, domestic production decreases, prices increase B) imports increase, domestic production decreases, prices decrease C) imports decrease, domestic production increases, prices increase D) imports decrease, domestic production increases, prices decrease
Along its long-run average total cost curve, a firm employs
a. a different amount of fixed inputs at each point b. the same amount of fixed inputs at each point c. a declining amount of fixed inputs at each point as it moves to higher output levels d. an increasing amount of fixed inputs at each point as it moves to higher output levels e. no fixed inputs
Workers whose spells of unemployment are broken up by brief periods of employment or withdrawal from the labor force are referred to as ________ workers.
A. discouraged B. long-term unemployed C. short-term unemployed D. chronically unemployed
If the price elasticity of supply is 3, supply is:
A. unaffected by price changes. B. inelastic. C. unit elastic. D. elastic.