Along a linear demand curve,
a. both the slope and price elasticity are constant
b. the price elasticity is constant, but the slope varies
c. total revenues are constant
d. the slope is constant, but the price elasticity varies
e. total revenues are negative
D
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Price elasticity is a measure of how
A. much a market responds to a change in market conditions. B. much consumers or producers respond to a change in market price. C. quickly consumers or producers respond to a change in market price. D. quickly a market will respond to a change in market conditions.
Wage-related rents are derived in the same way that land rents are derived
Indicate whether the statement is true or false
Public choice theory assumes each voter will tend to support the political candidate who offers
a. programs with the largest benefits to society. b. the highest potential for being a good leader in times of war. c. programs that create the most equal distribution of income. d. to provide the voter with the most personal benefits at the least personal cost.
One possible solution to the problem of protecting a common resource is to convert that resource to a private good
a. True b. False Indicate whether the statement is true or false