If the price elasticity of demand for Cheer detergent is 3.0, then a
a. 12 percent drop in price leads to a 36 percent rise in the quantity demanded
b. 12 percent drop in price leads to a 4 percent rise in the quantity demanded
c. $1,000 drop in price leads to a 3,000-unit rise in the quantity demanded
d. $1,000 drop in price leads to a 333-unit rise in the quantity demanded
e. 12 percent rise in price leads to a 36 percent rise in the quantity demanded
A
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The cross-price elasticity of demand between goods X and Y
A. measures the responsiveness of the quantity of X demanded to changes in the price of Y. B. is the percentage change in the price of Y divided by the percentage change in the quantity of X demanded. C. is greater than zero if X and Y are substitutes. D. both a and c E. all of the above
Refer to the information provided in Figure 8.6 below to answer the question(s) that follow. 
Figure 8.6 Refer to Figure 8.6. Curve 1 is Outdoor Equipment's
A. average variable cost curve. B. average fixed cost curve. C. average total cost curve. D. marginal cost curve.
The table above gives four production possibilities for airplanes and cruise ships. In possibility A, how many resources are devoted to the production of airplanes?
A) 0 B) few C) most D) all E) It is impossible to tell without more information about the prices of airplanes and cruise ships.
A property tax is based on the income of the taxpayer, not the value of the property
Indicate whether the statement is true or false