In general, demand curves for necessities tend to be price elastic
a. True
b. False
Indicate whether the statement is true or false
False
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What is "shared growth," and what kind of institutions are required for its success?
What will be an ideal response?
Larger quantities of any good will be supplied at higher prices because
a. consumers will be more satisfied b. higher prices attract resources from other uses c. people are naturally lazy and have to be bribed to give up their leisure d. price and quantity supplied are inversely related e. of the law of decreasing opportunity cost
When a firm pays a wage that is higher than the market wage in order to increase worker? productivity, the wage is called
What will be an ideal response?
Which of the following conditions can help prolong the life of a cartel?
A) There are only a few firms in the market and they all belong to the cartel. B) There are many firms in the market that are not members of the cartel. C) It is difficult to know what price any cartel member is actually charging. D) The cartel has no ability to punish members who cheat on the cartel.