In which of the following situations would supply be the most elastic?   A real estate developer in Boston is looking to build condos on the beach An auto parts manufacturer is operating at full capacity An online book company that sells its ebooks to students A hotel has all of its rooms booked for each night of the next 3 months

Which of these is the best example of complementary goods? 1. beef and chicken 2. rice and potatoes 3. cars and bikes 4. peanut butter and jelly

If Shawn can produce more donuts in one day than Sue can produce in one day, then Shawn has a comparative advantage in the production of donuts Sue has a comparative advantage in the production of donuts Shawn has an absolute advantage in the production of donuts Sue has an absolute advantage in the production of donuts

If a government subsidize producers of electric cars, 1. demand will increase 2. demand will increase 3. supply will increase 4. supply will decrease

A competitive market is one in which there is only one seller, but there are many buyers are many sellers, and each seller has the ability to set the price of their product are many sellers, and they compete with one another in such a way that some sellers are always being forced out of the market are so many buyers and so many sellers that each has a negligible impact on the price of the product

      Assume that Zimbabwe and Portugal can switch between producing toothbrushes and producing hairbrushes at a constant rate.     Machine Minutes Needed to Make 1 Toothbrush Hairbrush     Portugal 5 6   Which of the following combinations of toothbrushes and hairbrushes could Portugal produce in 30 minutes? 1 toothbrush and 4 hairbrushes 4 toothbrushes and 2 hairbrushes 5 toothbrushes and 6 hairbrushes 6 toothbrushes and 5 hairbrushes

The production possibilities frontier illustrates the combinations of output that an economy should produce the combinations of output that an economy should consume the combinations of output that an economy can produce All of the above are correct

Total output in an economy increases when each person specializes because there is less competition for the same resources each person spends more time producing that product in which he or she has a comparative advantage a wider variety of products will be produced within each country due to specialization government necessarily plays a larger role in the economy due to specialization

The “invisible hand” directs economic activity through advertising prices central planning government regulations

You are given the following probabilities.  Find Pr[A | B]. Pr[A] = 0.48,  Pr[B] = 0.52,