A demand curve is said to be inelastic if:
a. ED = 1
b. ED = 0
c. ED > 1
d. ED < 1
D
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All homogeneous functions (of any degree) are homothetic but not all homothetic functions are homogeneous (of some degree).
Answer the following statement true (T) or false (F)
At all points to the right of the intersection of the aggregate output (Y) and aggregate expenditures (AE) curves, there will be unplanned inventory accumulation
a. True b. False Indicate whether the statement is true or false
If it is a cultural norm to believe that "a busy person is an important person," then we would expect the labor:
A. demand in that culture to be relatively greater at any wage. B. supply in that culture to be relatively lower at any wage. C. demand in that culture to be relatively lower at any wage. D. supply in that culture to be relatively greater at any wage.
To maximize profit, a pure monopolist must:
A. maximize its total revenue. B. maximize the difference between marginal revenue and marginal cost. C. maximize the difference between total revenue and total cost. D. produce where average total cost is at a minimum.