Which of the following is not a factor of production?
a. A computer chip.
b. The service of a lawyer.
c. Dollars.
d. All of these are factors of production.
c
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Why is value created when someone buys something for themselves?
A. Because the cost to produce the good is greater than the price of the good. B. Because the price of the good is greater than the value of the good to the buyer. C. Because the buyer values the good more than it costs the seller to produce. D. Because the buyer values the good as much as it costs the seller to produce.
When is demand perfectly elastic? When is demand perfectly inelastic? What are the values of the price elasticity of demand when demand is perfectly elastic or perfectly inelastic? What do perfectly elastic and perfectly inelastic demand curves look like?
What will be an ideal response?