Which of the following is NOT a characteristic of a market in equilibrium?
A. Neither buyers nor sellers want the price to change.
B. Sellers can sell as many units as they want at the equilibrium price.
C. There is neither excess supply nor excess demand.
D. Buyers can buy as many units as they want at the equilibrium price.
Answer: A
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Increasing marginal returns to labor
A) occur when a particularly efficient worker is employed. B) describe the portion of a total product curve where the marginal product is negative. C) mean that two workers produce less than twice the output of one worker. D) are the result of specialization and division of labor in the production process. E) occur only when there are increasing marginal returns to capital.
In order to prove that Dr. Pepper and 7-Up are substitutes, the FTC should test the __________ and get a __________
a. price elasticity of demand; number less than 1 b. income elasticity; positive number c. price elasticity; negative number d. price elasticity of demand; number greater than 1 e. cross elasticity; positive number