When the absolute price elasticity of demand is greater than 1, demand is
A) elastic.
B) unit-elastic.
C) inelastic.
D) undetermined without more information.
Answer: A
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Refer to the figure above. What is the profit-maximizing quantity for the monopolist?
A) 300 units B) 400 units C) 500 units D) 550 units
Place point X on the graph to indicate an unemployment rate of 10 percent.
Recall the Application about genetic testing and adverse selection to answer the following question(s).According to the Application, why is genetic testing causing adverse selection?
A. People who find out through genetic testing that they are more likely to get certain genetic illnesses are more likely to get insurance. B. People who find out through genetic testing that they are more likely to get certain genetic illnesses are less likely to get insurance. C. People who find out through genetic testing that they are more likely to get certain genetic illnesses are more likely to get hired by employers. D. People who find out through genetic testing that they are more likely to get certain genetic illnesses are less likely to get insured by insurance companies.
A decrease in the cost of inputs will shift the supply curve down and to the right.
a. true b. false