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 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
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.