The market demand for wheat is Q = 100 - 2p + 1pb, where pb is the price of barley. If the price of wheat is $2, the price elasticity of demand
A) equals (-4/46).
B) equals (-46).
C) equals (-1).
D) cannot be calculated without more information.
D
Economics
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When a person lobbies Congress to grant the person the exclusive right to sell a particular good, such lobbying activity is called
A) rent seeking. B) revenue abatement. C) profit recovery. D) revenue seeking.
Economics
Why does unemployment arise and what makes some unemployment unavoidable?
What will be an ideal response?
Economics
Suppose you withdraw $1,000 from your savings account and put it in your checking account. Briefly explain how this will affect M1 and M2
What will be an ideal response?
Economics
The equation that represents M2 in the model of the money supply process is
A) M2 = C + D. B) M2 = C + D + T - MMF. C) M2 = C + D - T + MMF. D) M2 = C + D + T + MMF.
Economics