Refer to Scenario 10.3. At the profit-maximizing level of output, demand is
A) completely inelastic.
B) inelastic, but not completely inelastic.
C) unit elastic.
D) elastic, but not infinitely elastic.
E) infinitely elastic.
D
Economics
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For most low-wage earners
A) the substitution effect of a wage rate increase is likely to equal the income effect. B) the opportunity cost of leisure is high. C) the income effect of a wage rate increase is likely to be larger than the substitution effect. D) the substitution effect of a wage rate increase is likely to be larger than the income effect.
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An import quota taxes an import but does not set a limit on how much may be imported
a. True b. False
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