In an increasing-cost industry, expansion of output
A) causes input prices to rise as demand for them grows.
B) leaves input prices constant as input demand grows.
C) causes economies of scale to occur.
D) occurs under conditions of increasing returns to scale.
E) occurs without diminishing marginal product.
A
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What is the participation rate if there are 125 million people in the labor force, 100 million people employed, and 25 million not in the labor force?
A) 83% B) 80% C) 75% D) 67%
In a recent article, two economists estimated that the 37.5% increase in price that would result from a 75 cent tax increase on cigarettes would lead to a decrease in smoking among college students of 30%
What can you conclude about the demand for cigarettes among college students? A) It is price elastic. B) It is price inelastic. C) It is unit elastic. D) It is perfectly inelastic.