Price ________ measures the responsiveness of the quantity of a good demanded or supplied to a change in its price.
a. setting
b. elasticity
c. locking
d. consistency
b. elasticity
Price elasticity measures the responsiveness of the quantity of a good demanded or supplied to a change in its price.
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Futures trading practices in the United States are regulated by
A) the Chicago Board of Trade. B) the Chicago Mercantile Exchange. C) the Commodities Futures Trading Commission. D) the Board of Futures Trading.
Trade will be beneficial for a nation with a comparative advantage in producing a certain product.
Answer the following statement true (T) or false (F)
If the wage rate is less than the marginal revenue product of labor, the firm should ________ to maximize profits.
A. hire more labor and produce less output B. hire less labor and produce less output C. hire less labor and produce more output D. hire more labor and produce more output
If the U.S. Congress passes legislation to raise taxes to control demand-pull inflation, then this would be an example of a(n):
A. Supply-side fiscal policy B. Expansionary fiscal policy C. Contractionary fiscal policy D. Nondiscretionary fiscal policy