If quantity demanded does not change significantly when price changes, how is demand described?
a. elastic
b. inelastic
c. perfectly elastic
d. unit elastic
Answer: b. inelastic
Economics
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In the Soviet Union, which boasted about giving every worker a job, some workers were given the task of digging holes and filling them again. What function of microeconomic analysis did this policy address?
A) What goods/services to produce B) How to produce the goods and services C) Who gets the goods and services D) A and B
Economics
When total surplus is maximized, then this implies that the output level will be produced where MC = MU.
Answer the following statement true (T) or false (F)
Economics