An elasticity greater than 1 is?
Inelastic
Elastic
Perfectly inelastic
What line is used to construct the LRAC?
SRAC
Demand
Supply
What is effective demand?
When you want something but you can't afford it.
When you want something and you can afford it.
When you want something but it's frowned upon to have it.
What would be the strongest substitute good for pepsi?
Polly-o cheese
Water
Coca-Cola
If the demand for milk increases, the supply of leather will decrease.
Fixed costs are?
Cost that vary directly with output.
Prices that are rigged in order to create an advantage.
Prices that don't vary directly with output.
Absolute advantage is when?
One country can produce more of a product than another using the same resources.
One country has a time advantage over another in terms of war.
The better the brand name, the better chances it has to survive in a perfect competition scenario.
Utils are the measurement of dollars spent in goods.
What is happening when a point is inside the PDF line.
The country is producing everything efficiently
The country is at allocative efficiency
the country isn't producing at prime levels
