Refer to the following figure. The price of capital is $50 per unit:
What is the price per unit of labor?
A. $25
B. $10
C. $20
D. $ 2
Answer: C
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What does the price elasticity of demand show?
In the market for sweaters, suppose Green's price elasticity of demand is 0.2, Smith's price elasticity is 1.2, and the price elasticity of all the other consumers is greater than 0.2 but less than 1.2 . Could the market price elasticity be less than 0.2 or greater than 1.2?
Pollution problems
A. have existed for many centuries. B. are attributable to modern industrialization. C. can be blamed on the profit system. D. have worsened in every respect in the past 40 years.
Walmart has been pursuing improvements in its reputation in response to growing criticism on environmental, labor, and social issues in its foreign supplier factories. Among others, which requirement has Walmart imposed on its Chinese suppliers?
a. They must demonstrate compliance with Chinese environmental laws. b. There must be a 100% improvement in energy efficiency at China's 200 largest suppliers. c. They must increase their wages to the equivalent of the U.S. minimum wage. d. It has imposed all of these on its Chinese suppliers.
Refer to the information provided in Figure 5.3 below to answer the question(s) that follow.
Figure 5.3Refer to Figure 5.3. Using the midpoint formula, if the price of a gardenburger decreases from $7 to $6, the price elasticity of demand equals ________, and the decrease results in a(n) ________ in total revenue.
A. -.13; decrease B. -1.44; increase C. -.69; increase D. -13; increase