The price elasticity of demand is calculated as:
A) the change in price divided by the change in quantity demanded.
B) the change in quantity demanded divided by the change in price.
C) the percentage change in price divided by the percentage change in quantity demanded.
D) the percentage change in quantity demanded divided by the percentage change in price.
D
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The short-run Phillips curve is ________ curve along which an increase in the unemployment rate is associated with ________ in the inflation rate
A) a downward sloping; a decrease B) a vertical; no change C) a downward sloping; no change D) an upward sloping; an increase E) a horizontal; no change
The New York Yankees are playing the Boston Red Sox at Fenway Park. It is the bottom of the ninth inning, the score is tied 4-4, the bases are loaded, and there are no outs
Starting in the seats closest to the field, the crowd begins to stand and cheer , hoping that the Red Sox can drive in one more run and win the game. Describe the collective action problem that has developed in this situation.
A marketable permit
A) allows firms to pollute all they want without any cost. B) allows firms to buy and sell the right to pollute at government controlled prices. C) eliminates pollution by setting the price of pollution permits above the marginal cost of polluting. D) allows firms to buy and sell the right to pollute. E) is the Coase theorem solution to pollution.
Which of the following was never a labor union?
a. American Federation of Labor b. Labor Relations Board c. Congress for Industrial Organization d. Knights of Labor