When the price of cheddar cheese increases 15%, quantity demanded decreases 15%. The price elasticity of demand for cheddar cheese is ________ and total revenue from cheddar cheese sales will ________.
A. elastic; increase
B. unit elastic; not change
C. elastic; decrease
D. inelastic; decrease
Answer: B
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Indicate whether the statement is true or false
Stewart is a lobsterman. His traps are
a. private goods and the lobster he catches are common resources. b. private goods and the lobster he catches are public goods. c. rival in consumption and the lobster he catches are not rival in consumption. d. not rival in consumption and the lobster he catches are not rival in consumption.
The __________ Act protects employee rights and the __________ Act protects employer rights.
A. Wagner; Taft-Hartley B. Taft-Hartley; Wagner C. Sherman Antitrust; Wagner D. Taft-Hartley; Landrum-Griffin
In perfect competition, all buyers and sellers are price takers.
Answer the following statement true (T) or false (F)