Suppose price increases from $9.00 to $11.00. Using the mid-point formula, the percentage change in price is:
A. 20%
B. 25%
C. 20%
D. 2%
C. 20%
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Refer to Figure 3-4. If the current market price is $15, the market will achieve equilibrium by
A) a price increase, increasing the quantity supplied and decreasing the quantity demanded. B) a price decrease, decreasing the supply and increasing the demand. C) a price decrease, decreasing the quantity supplied and increasing the quantity demanded. D) a price increase, increasing the supply and decreasing the demand.
If a firm buys its labor in a competitive market, then in the short run, a decrease of the demand for the firm's product will cause the firm to
A) offer a higher wage. B) hire fewer workers. C) hire more workers. D) offer a lower wage.
By Gresham's law, commodity money will always drive out fiduciary money
a. True b. False Indicate whether the statement is true or false
Opportunity cost is the combined value of all other alternatives that go unchosen
a. True b. False Indicate whether the statement is true or false