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123kduncan 123kduncan
wrote...
6 years ago
If the supply for a good is elastic, that means that when price increases, the
 
  A) supply will increase.
  B) quantity supplied will decrease.
  C) quantity supplied will increase by a smaller percentage than the price increased.
  D) quantity supplied will increase by a greater percentage than the price increased.



Ques. 2

In the long-run, a firm in monopolistic competition produces an amount of output that sets
 
  A) P > ATC and MR = MC.
  B) P > ATC and MR > MC.
  C) P = ATC and MR = MC.
  D) P = ATC and MR > MC.



Ques. 3

American Idol is a popular television program where contestants compete to win a 1 million record deal. To determine the winner, fans either dial the number or send a text message indicating their favorite contestant.
 
  The contestant with the highest number of texts and phone calls wins. What is the scarce resource in this example? A) 1 million record deal
  B) television ratings
  C) phone calls and text messages
  D) fans



Ques. 4

If the wage rate paid in the fast-food outlets in a small town is greater than the reservation wage of all the teenagers in the town and less than the reservation wage of all the adults, then the fast-food outlets will hire ________.
 
  A) mostly adults and a few teenagers
  B) some adults and some teenagers
  C) only adults
  D) only teenagers



Ques. 5

If the official settlements account is zero, whenever the United States has a current account deficit, it must also have a capital account deficit.
 
  Indicate whether the statement is true or false
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paige.S99paige.S99
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Posts: 341
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6 years ago
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