If the expected path of 1-year interest rates over the next five years is 2 percent, 4 percent, 1 percent, 4 percent, and 3 percent, the expectations theory predicts that the bond with the lowest interest rate today is the one with a maturity of

The price elasticity of demand for many agricultural products is (absolute value) less than 1, meaning that these products are inelastic in demand

Indicate whether the statement is true or false

Some online penny auctions charge a fee, such as $1, for every bid placed. Why should these costs of $1 per bid be considered sunk costs? Would it be smart for someone who has "already invested $5 in bidding costs" to keep bidding to "protect his or her

sunk investments"? Why or why not? What will be an ideal response?