The basic goal of economics is to
What will be an ideal response?
address the scarcity problem created because the population's desire for goods exceeds the ability to produce them
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A key element of the classical growth theory is that
A) low taxes promote economic growth. B) an increase in population leads to increase in labor supply and a decline in real GDP per person. C) economic growth can be sustained as long as government intervention does not occur. D) increases in technology drive economic growth. E) market forces drive economic growth.
Refer to the scenario above. Which of the following statements is true of the demand curve that the monopolist faces in the price range of $6 to $10?
A) The demand curve is elastic in the price range. B) The demand curve is inelastic in the price range. C) The demand curve is vertical in the price range. D) The demand curve is upward sloping in the price range.