If the percentage change in quantity demanded is greater than the percentage change in price, we would say that over this range, demand is:
A) elastic.
B) unit elastic.
C) inelastic.
D) perfectly inelastic.
A
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An economic expansion rather than a recession occurs
A) when the federal budget is balanced. B) when the unemployment rate falls below 5 percent. C) when growth in real GDP is positive. D) when the unemployment rate is not changing.
The _____ of using the market for corporate control make it important to build incentives into executive pay packages that can reduce _____ by better aligning the incentives of shareholders and managers
a. benefits; principal/agent problems b. costs and uncertainties; principal/agent problems c. benefits; influence costs d. costs and uncertainties; influence costs
As shown in Exhibit 3, ______ can produce both cloth and food ______.
a. Wendy; more productively
b. Wendy; at a lower opportunity cost
c. Calvin; more productively
d. Calvin; at a lower opportunity cost
In the figure above, which of the following points indicates the efficient use of resources? A) a B) f C) g D) h