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1. The Law of Supply suggests that the price-elasticity of supply is:
A. Positive
B. Negative
C. Always greater than 1
D. Always less than 1
2. If a 10 percent increase in the price of one good results in no change in the quantity demanded of another good, then it can be concluded that the two goods are:
A. Complementary goods
B. Substitute goods
C. Independent goods
D. Normal goods
3. Which of the following statements is correct?
A. Marginal utility is the cumulation or summation of total utility
B. Total utility is the cumulation or summation of marginal utility
C. Total utility is the product of multiplying price times marginal utility
D. Total utility is the change in marginal utility as quantity consumed increases
In a market research study conducted by a local winery on white wine preference, the following results were found. Of a sample of 500 men, 120 preferred white wine and of a sample of 500 women, 210 preferred white wine. What do you conclude at ? = .0..
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Identify someone in your life who would benefit from taking this course, and explain the reasons why and speculate on what technology might be able to do in 15 years to improve the contracting process.
Illustrate what is the relative labor supply in the economy. Derive it and draw it in the same picture as in part (a). Calculate the equilibrium relative price of labor.
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Which of the following is not an example of a barrier to entry? If a single firm monopolizes the market for rice then. Which of the following is a characteristic of monopolistic competition? Which of the following product markets is best described by..
In Music Ville, the price elasticity of demand for CD players is 1.3, the income elasticity of demand for CD players is 0.4, and the cross elasticity of demand for CD players with respect to MP3's is 0.1. If incomes in Music Ville increase by 15% wit..
Farmer brown produces eggs and milk on his farm. He initially produces at point A. HE WOULD LIKE to produce the same amount of eggs per day and increase his milk production by one gallon per day. Is this possible? Why or why not. What is the opportun..
In general are becoming less integrated due to the widespread availability of interest rate and currency swaps
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