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Course 17206
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Suppose people buy more of good 1 when the price of good 2 falls. These goods are
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“If a person can see better by standing up at a concert, then everyone can see better if they all stand up” is an example of a fallacy of composition statement.
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If the demand for bathing suits increase and supply of bathing decrease, then definitely the equilibrium quantity will increase.
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Harry produces 2 balloon rides and 4 motorbikes an hour. Harry could produce more balloon rides and to do so he must produce same number of motorbikes. Harry is producing on his production possibilities frontier.
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If the demand for a good is perfectly elastic, the price elasticity of demand is ________ and the demand curve is ________.
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Demands differ from wants because
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Suppose the quantity of gasoline is measured in gallons and the price of gasoline is measured in dollars. The price elasticity of demand is 0.67. If the price of gasoline was now measured in cents rather than dollars, the price elasticity of demand would now be
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At one point along a production possibilities frontier (PPF), 50 tons of coffee and 100 tons of bananas are produced. At another point along the same PPF, 30 tons of coffee and 140 tons of bananas are produced. The opportunity cost of a ton of coffee between these points is
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When demand is unitary elastic, a decrease in price decreases total revenue.
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The price elasticity of demand ________ in value when moving downward along a ________ line demand curve.
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