The most commonly used measures of elasticity are
A. income elasticity of demand and price elasticity of supply.
B. price elasticity of demand and price elasticity of supply.
C. cross-price elasticity of demand and cross-price elasticity of supply.
D. price elasticity of demand and cross-price elasticity of supply.
B. price elasticity of demand and price elasticity of supply.
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The primary legislative branch of the European Union is called the
A) European Commission. B) European Parliament. C) European Court of Justice. D) European Council of Ministers. E) Council of the European Union.
If a price ceiling of $8 were placed in the market in the graph shown, which area represents deadweight loss?
A. F + G
B. B + D
C. E
D. B + D + F + G
Wanda owns a lemonade stand. She produces lemonade using five inputs: water, sugar, lemons, paper cups, and labor. Her costs per glass are as follows: $0.01 for water, $0.02 for sugar, $0.03 for lemons, $0.02 for cups, and $0.10 for the opportunity cost of her labor. She can sell 300 glasses for $0.50 each. What are Wanda's implicit costs per glass?
a. $0.18 b. $0.10 c. $0.08 d. $0.02
For purposes of analyzing the money stock and its relationship to relevant economic variables, money is best thought of as
a. those items that can be readily accessed and used to buy goods and services. b. currency only. c. currency plus all bank accounts. d. currency plus all bank accounts plus bonds.