A $1.00 increase in the price of a restaurant meal results in a drop in quantity demanded of 5 meals. Which of the following statements is correct?
a. The slope of the demand curve is -1/5; there is insufficient information to determine the price elasticity of demand.
b. The price elasticity of demand is -1/5; there is insufficient information to determine the slope of the demand curve.
c. Both the slope of the demand curve and the price elasticity of demand are equal to -1/5.
d. There is insufficient information to determine either the slope of the demand curve or the price elasticity of demand.
e. The slope of the demand curve is -1/5; the price elasticity of demand is 5.
A
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College students often spend summers in internships that pay little or no income because internships provide benefits in the form of higher future incomes
a. True b. False
Which of the following statements is true of members of an organization?
a. They are either principals or subordinates. b. Agents are closely monitored by principals at all times. c. Each member generates information for the use of others in the organization. d. Decision-makers decide on the basis of the information they generate themselves.
The price of a ticket to the latest Broadway musical is $80 . You will purchase a ticket if: a. you are acting irrationally b. you place a lower valuation on seeing the musical than $80 but are extremely bored. c. your expected marginal benefit from viewing the musical exceeds $80
d. your expected marginal cost from viewing the musical exceeds $80.