The price elasticity of demand for a variable input will be greater
A) the fewer substitutes there are for the final product.
B) the easier it is for a particular input to be substituted for by other inputs.
C) the lower the price elasticity of supply of all other inputs.
D) the smaller the proportion of total costs accounted for by a particular variable input.
B
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A game in which all the players are better off at the end of the game is a
A) tit-for-tat game. B) dominant strategy game. C) positive-sum game. D) noncooperative game.
In Europe during the 14th century, the Black Plague killed 24 million people or close to 37 percent of the population. How would this affect the production possibilities curves for the countries of Europe at that time?
a. The production possibilities curves for these countries would have shifted outward. b. The production possibilities curves for these countries would have shifted inward. c. The production possibilities curves for these countries would have been unaffected. d. This would have been illustrated by a movement along the production possibilities curves for these countries, but it would not have shifted them.