To say that demand is elastic means that
A) people do not like the good very much.
B) quantity demanded not very responsive to price changes.
C) relatively small changes in price lead to relatively large changes in quantity demanded.
D) relatively small changes in quantity demanded lead to relatively small changes in price.
Answer: C
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Refer to Figure 8.1. Holding other variables constant, a decrease in the capital stock will result in a
A) shift from curve D1 to curve D2. B) shift from curve D2 to curve D1. C) movement from point A to point B. D) movement from point B to point A.
If the unit cost of output for a car is $8000 and the price is $10,000 . what is the firms' markup over cost?
a. 125.0 percent b. 25.0 percent c. 80.0 percent d. 11.1 percent e. 20.0 percent
As productivity in the manufacturing sector increases, the service sector must keep pace or it will become more expensive in the long run
a. True b. False Indicate whether the statement is true or false
Exports as a function of national income show how exports change with the level of a country's gross national product
a. True b. False Indicate whether the statement is true or false