Elasticity of demand equals the ratio of the percentage change in the price of a good to the percentage change in the quantity demanded.
Answer the following statement true (T) or false (F)
False
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When external benefits are present,
A) competitive markets are efficient. B) competitive markets are inefficient. C) a tax is required to eliminate the inefficiency. D) property rights have already been established.
Sketch a PPF for video entertainment and other goods and services before broadband
What will be an ideal response?
When the price of a good in a market is above equilibrium: a. the quantity supplied exceeds the quantity demanded. b. a surplus is observed
c. the price will fall in the near future. d. all of the above.
Consider the accompanying figure representing the labor market below.
The imposition of a $12 per hour minimum wage causes total economic surplus in this labor market to ________ by ________.
A. rise; $400 B. fall; $1,600 C. rise; $800 D. fall; $800