Suppose that at a price of 25 cents per orange, 500 consumers each demand 4 oranges, and at a price of 20 cents per orange, 750 consumers each demand 5 oranges. Therefore, the market demand for oranges is ________ at a price of 25 cents per orange and ________ at a price of 20 cents per orange.
A. 4; 5
B. 2000; 3750
C. 1250; 1500
D. 500; 750
Answer: B
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Consider the utility function 
. If 
, the elasticity of substitution is equal to 1.
The elasticity of substitution for CES utility functions is 
.
Answer the following statement true (T) or false (F)
Most economists believe the LM curve to be
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