Suppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X is
a. 0.
b. 1.
c. 6.
d. 36.
b
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Kyle and Stan are playing Odds or Evens, where Kyle is designated as the "odd" player and Stan is designated as the "even" player. They decide to play the game 10 times. At the mixed-strategy equilibrium in this zero-sum game,
A) each player's expected payoff equals zero. B) one player earns all possible points and the other player earns zero points. C) one player's payoff is positive and the other player's payoff is negative. D) There is never an equilibrium in a zero-sum game.
Refer to the table above. Assuming that the market consists of only these three sellers, what is the market supply when the price is $1?
A) 2 units B) 6 units C) 11 units D) 19 units
Checks are
A) not acceptable for settling transactions in most industrialized countries. B) less important than currency as a means of settling transactions. C) promises to pay on demand money deposited with a financial institution. D) promises to pay coins minted from precious metals on demand.
Per capita GDP in the United States has declined since 1950
a. True b. False Indicate whether the statement is true or false