Refer to Table 6-3. Over what range of prices is the demand elastic?
A) between $8 and $16 B) between $14 and $16
C) over the entire range of prices D) between $2 and $8
B
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Which of the following events must cause equilibrium quantity to rise?
a. demand increases and supply decreases b. demand and supply both decrease c. demand decreases and supply increases d. demand and supply both increase
If at a firm's current level of employment the marginal revenue product of the last worker employed is less than the marginal cost of labor, the firm should
A. provide more on-the-job training. B. maintain the existing level of employment. C. decrease employment. D. increase employment.
The diamond/water paradox is only true in theory, but no real-world examples have yet to be discovered.
Answer the following statement true (T) or false (F)
The percentage rate of change in the price level is called the
A) Consumer Price Index. B) rate of inflation. C) chain-weighted price index. D) rate of absorption.