Fill in the blank: Since millions of people now use email as opposed to traditional "snail mail," the price elasticity of demand for the Post Office's first class letter service tends to ________
A) decrease
B) increase
C) increase in the short run but then decrease in the long run
D) leave unchanged
B
Economics
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Economic efficiency is indicated by
A) P = AVC. B) MR = MC. C) P = MR. D) P = MC.
Economics
Suppose a social activist collecting information on the level of air pollutants in sparsely populated regions concludes that pollution levels are positively related to population. Since her sample set is restricted only to sparsely populated regions her outcome would be erroneous due to:
a. recognition heuristic. b. availability heuristic. c. representative heuristic. d. selection bias.
Economics