According to the above table, what is the absolute price elasticity of demand if price falls from $8.00 to $7.50?
A. 1.21
B. 4.00
C. 1.80
D. 2.82
Answer: D
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Mutually beneficial trade is possible when the terms of trade are
A. between the seller's and buyer's opportunity cost. B. above the seller's opportunity cost and above the buyer's opportunity cost. C. between the seller's and buyer's general behavior. D. below the seller's opportunity cost and above the buyer's opportunity cost.
Which of the following is an example of an inverse relationship?
A) hours of study and test grade B) calories eliminated from diet and weight loss C) beers consumed while studying and test grade D) amount of snowfall and profits of ski resorts
How were unions affected by the Landrum-Griffen Act of 1959?
a. It established their right to bargain collectively. b. It ended labor unions among federal workers. c. It gave unions greater freedom to conduct union elections. d. It increased government oversight of finances.
When the optimal quantity of consumption is zero for a given good:
A. changing social norms is often the best solution. B. a ban is often the best solution. C. privatizing the good is often the best solution. D. government provision of the good is often the best solution.