The demand curve facing a perfectly competitive firm is:
a. perfectly inelastic.
b. perfectly elastic.
c. unit elastic.
d. downward sloping.
Question 2
Which of the following statements is true regarding the opportunity cost of time?
a. Retired people are more likely to visit supermarkets than farmers' markets.
b. Students are more likely to visit farmers' markets even during exams.
c. Working professionals are more likely to frequent convenience stores.
d. The opportunity cost of time for farmers and buyers participating in the farmers' market is usually very high.
a) Avoid locking your elbows. b) To avoid locking your elbows, keep your elbows facing sideways.
The demand for oil can be reduced significantly with the introduction of new higher vehicle mileage
IQ scores form what mathematicians call a normal distribution "bell curve"
The original Supply and Demand graph
Elastic/inelastic #5
Construct a Lorenz curve that shows income distribution in this society.