Common law, unlike civil law, looks to reason. True False Inputs are used most e

Question

Common law, unlike civil law, looks to reason.

True

False

Inputs are used most efficiently in short-run equilibrium.

True

False

A productively efficient equilibrium describes the condition of a firm or firms in which it is impossible to produce a given level of output at lower cost or, alternatively, to use a given combination of inputs to produce a greater level of output.

True

False

Which of the following describes the range for inelastic demand?

none of these

price elasticity equals 1

price elasticity has a value less than 1

price elasticity has a value greater than 1

none of these

price elasticity equals 1

price elasticity has a value less than 1

price elasticity has a value greater than 1

Explanation / Answer

TRUE Common law, unlike civil law, looks to reason.

FALSE because inputs are used most efficiently in long run than in the short run. LRATC is always less than or equal to SRATC.

FALSE because productively efficient equilibrium describes the condition when an economy produces a given level of output at minimum /lower cost or alternatively produces the maximum level of output given the available inputs.

Range for inelastic demand is when price elasticity has a value less than 1 which implies that a percentage change in quantity demanded is less than the percentage change in price.

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