Demand is inelastic if
a. the percentage change in price is greater than the percentage change in quantity demanded
b. the percentage change in price is less than the percentage change in quantity demanded
c. the percentage change in price is equal to the percentage change in quantity demanded
d. the value of price elasticity is equal to -1
e. the value of price elasticity is less than -1 (e.g., -3)
A
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In 1995, the General Agreement on Tariffs and Trade (GATT), which was established in 1948, was replaced by the World Trade Organization (WTO). Why did members of the GATT push for the establishment of the WTO?
A) The GATT agreement only covered trade in goods. The WTO was created to cover trade in goods, services, and intellectual property. B) By 1995 tariffs had been eliminated. The WTO was created to reduce non-tariff trade barriers. C) The charter of the GATT had run out and a new organization was needed to promote international trade. D) The creation of the European Union (EU) made the GATT obsolete. The WTO was formed to regulate trade between the EU and other nations.
In the short run, if a firm does not produce any output then it does not incur any costs
a. true b. false
How much is the concentration ratio in this industry?
For developed countries, more price supports and subsidies are provided to agriculture worldwide than to any other sector of the economy.
Answer the following statement true (T) or false (F)