A service station owner in Staten Island, New York, was worried that raising the price of gasoline would cause the quantity demanded to fall by so much that he would be in a worse situation than if he did not raise the price
If raising the price of gasoline would cause the owner to receive less total revenue from the sale of gasoline, the demand for gasoline is
A) inelastic. B) elastic. C) unit elastic. D) perfectly inelastic.
B
Economics
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Full employment is considered a major economic goal because: a. specialization is not possible without full employment
b. economic growth can only occur when there is full employment. c. the opportunity cost of unemployment is lost production. d. profit maximization of firms can only occur when there is full employment. e. inflation will be lower when full employment is achieved.
Economics
For a firm in a perfectly competitive labor market, the supply curve of labor is
A) elastic. B) inelastic. C) perfectly elastic. D) perfectly inelastic.
Economics