Which of the following makes invention and entrepreneurship more likely in today’s economy?
A. Increasing morality of inventors
B. Government rules within society
C. Positive marginal costs
D. Positive marginal revenues
Answer: B
Economics
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If quantity demanded for rice falls by 4% when price increases 8%, we know that the absolute value of the own-price elasticity of rice is: a. 2.5
b. 0.5. c. 2. d. 0.40.
Economics
Which of the following is true along the demand curve for labor?
a. The marginal cost of labor is constant. b. The wage rate is constant. c. The total cost of production is constant. d. The quantity of labor demanded is constant. e. The prices of all other inputs are constant.
Economics