A microeconomic model CANNOT be used to
A) evaluate the impact of a price change on a firm's revenue.
B) predict the impact of an increase in the minimum wage on unemployment.
C) evaluate the fairness of a proposal to nationalize health insurance.
D) evaluate the effect of an increase in stadium size on the price of a sport team's tickets.
C
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What situation would make the demand for new cars relatively more price elastic?
a. Auto manufacturers have a difficult time hiring skilled workers. b. Auto manufacturers find it easy to hire skilled workers. c. Car buyers are prosperous, and they are seeking luxury cars. d. There is a plentiful supply of used cars.
U.S. educational achievements ________
A) began to stagnate in the 1970s B) have always fallen behind our European and Asian counterparts C) have not had a measurable effect on U.S. growth rates D) have not been duplicated outside the U.S.