In the illustration above, which figure shows an aggregate production function?
A) Figure A
B) Figure B
C) Figure C
D) Figure D
A
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When the price of pistachio nuts is $7.50 per lb. the quantity demanded is 48 lbs. When the price of pistachio nuts is $9.00 per lb. the quantity demanded is 40 lbs
When the midpoint formula is used to measure the price elasticity of demand we can say that the demand for pistachio nuts is A) completely inelastic. B) relatively, but not perfectly, elastic. C) unit elastic. D) relatively, but not perfectly, inelastic.
Why is the principal-agent problem less likely when getting a haircut than when getting a car repaired?
a. Haircuts are less expensive than car repairs. b. There are no hidden actions when getting your hair cut. c. There are no hidden actions when getting your car repaired. d. Auto mechanics are less honest than hair stylists. e. There is no principal-agent relationship in car repair.