When the price of candy bars decreased from $0.55 to $0.45, the quantity demanded changed from 19,000 per day to 21,000 per day. In this price range, the price-elasticity coefficient (based on the midpoint formula) for candy bars is
What will be an ideal response?
.5
You might also like to view...
Refer to Figure 2-7. Suppose worker productivity increases so that the total number of vehicles produced increases as the company adds more machinery, workers, and changes the layout of the factory. This is best represented by the
A) movement from H to J in Graph B. B) movement from G to H in Graph B. C) movement from K to L in Graph C. D) movement from E to F in Graph A.
The example of segregated streetcars in the southern United States in the early twentieth century is one example of
a. racial discrimination by firms, despite government efforts to halt it. b. racial discrimination by firms with no government action either to halt it or to support it. c. government-mandated racial discrimination. d. a failure to find any discrimination where most would expect to find it.
There are some economists who argue that low mortgage interest rates in the time period preceeding the financial crisis of 2007-2009 were a result of a ___________ in global savings. They argue that emerging countries began to save ___________ which helped to _____________ the supply of loanable funds in the United States
A) glut; less; decrease B) glut; more; increase C) decline; more; increase D) decline; less; decrease
The restaurant, legal assistance, and clothing industries are each illustrations of:
A. countervailing power. B. homogeneous oligopoly. C. monopolistic competition. D. pure monopoly.