An economy can have an abundant supply of labor, capital, and natural resources but still produce goods and services inefficiently
Indicate whether the statement is true or false
true
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Consider an economy made up of 100 people, 60 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The number of people in the labor force is
a. 30 b. 60 c. 85 d. 90 e. 70
In the short run, a firm operating in a monopolistically competitive market
a. produces an output level where marginal revenue equals average total cost. b. sets price equal to demand where marginal revenue equals marginal cost. c. must earn zero economic profits. d. maximizes revenues as well as profits.
What are the conditions for price discrimination?
What will be an ideal response?
Price Per UnitQuantity Demanded Per Unit of Time$2012$1817$1620$1424$1230$1036$840$644$448Refer to the above data. Over which price range is the price elasticity of demand inelastic?
A. $12-$10 B. $18-$16 C. $20-$18 D. $10-$8