Answer the following statement(s) true (T) or false (F)

1. The extent to which a change in price affects quantity demanded may vary considerably from product to product and over the various price ranges for the same product.
2. A demand curve, or a portion of a demand curve, can be elastic, inelastic, or supply elastic.
3. A good is elastic if the percentage change in quantity demanded is greater than the percentage change in price.
4. A good is inelastic if quantity demanded changes proportionally less than the price changes
5. The steeper the demand curve passing through a given point, the more elastic the demand.


1. True
2. False
3. True
4. True
5. False

Economics

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Disparate treatment refers to:

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Excludable goods are those goods that a person can be prevented from consuming

a. True b. False Indicate whether the statement is true or false

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Suppose a firm uses workers and office space to produce output. The firm is locked into a year-long lease on its office space, but it can easily vary the number of employee-hours it uses each day. The accompanying table describes the relationship between the number of employee-hours the firm uses each day and the firm's daily output. Each unit of output sells for $2, the hourly wage rate is $14, and the rent on the office space is $50 per day. Employee-Hours Per DayOutput Per Day0014048091201516023200 When the firm uses 9 employee-hours per day, it earns a daily ________ of ________.

A. profit; $64 B. profit; $114 C. loss; $64 D. loss; $114

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The higher the interest rate, the lower the present value.

Answer the following statement true (T) or false (F)

Economics