When the product demand is inelastic, labor demand is
a. low
b. high
c. elastic
d. inelastic
e. nonunion
D
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Based on the figure below. Starting from long-run equilibrium at point C, a tax cut that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies. 
A. D; C B. B; C C. B; A D. D; B
The table above gives the demand schedule for snow peas. The price elasticity of demand between $6.00 and $7.00 per bushel is
A) 1.0. B) 2.0. C) 2.6. D) 5.0.
When government expenditures increase, the interest rate
a. increases, making the change in aggregate demand larger. b. increases, making the change in aggregate demand smaller c. decreases, making the change in aggregate demand larger. d. decreases, making the change in aggregate demand smaller.
Perfectly competitive firms:
A. are individually able to influence the market price. B. are price takers, since they are not large enough to influence the market price. C. will succeed by charging a price higher than that charged by the rest of the market. D. can influence the prices of other firms in the same industry by altering their own prices.