Refer to Scenario 10.7. Suppose that the firm chooses to produce 200 ink pads. At this level of output the demand for ink pads is
A) inelastic.
B) unit elastic.
C) elastic.
D) unit elastic.
C
Economics
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How are most fundamental economic decisions now determined in China?
A) The government decides because China is a centrally planned economy. B) Individuals, firms, and the government interact in a market to make these economic decisions. C) The United Nations decides because China is a developing economy. D) These decisions are made by the country's elders who have had much experience in answering these questions.
Economics
For good A and good B, the consumer maximizes personal satisfaction when
A) MUA/PA = PB/MUB. B) PA/MUA = PB/MUB. C) MUA/PA = MUB/PB. D) MUA/MUB = PA/PB.
Economics