If demand is elastic, then
a. the percentage change in quantity demanded is larger in absolute value than the percentage change in price
b. supply is inelastic
c. prices can neither rise nor fall
d. the percentage change in quantity demanded is smaller in absolute value than the percentage change in price
e. supply is elastic
A
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Refer to the table below. If Sweet Grams is a perfectly competitive firm and the market price $1.25 per unit, what is the profit-maximizing total quantity for Sweet Grams to produce?
Sweet Grams makes graham cracker snack packages. Sweet Grams is a multi-plant firm with two production facilities. The above table summarizes the total marginal cost of production at various output levels in the separate plants. Assume Sweet Grams is a perfectly competitive firm.
A) 27,000
B) 30,100
C) 57,100
D) 68,000
What do externalities cause markets to do?
a) benefit producers at the expense of consumers b) cause markets to operate more equitably c) fail to allocate resources efficiently d) cause price to be different than equilibrium price
China is the largest spender on research and development in the world (in total dollars or dollar equivalents).
Answer the following statement true (T) or false (F)
Progressive Insurance's 'Tripsense' monitors driving patterns of the people who purchase the related insurance policy. This lowers insurance costs because
a. only less reckless drivers will accept the device b. only more reckless drivers will accept the device c. drivers will believe they can now drive more recklessly d. it does not affect care in driving