The market demand for wheat is Q = 100 - 2p + 1 , where 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
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Assume that the supply curve for a commodity shifts to the right and the demand curve shifts to the left, and the shift in demand is greater than the shift in supply
Then, in comparison to the initial equilibrium, the new equilibrium will be characterized by: A) a lower price and a higher quantity. B) the same price and a lower quantity. C) a higher price and a lower quantity. D) a lower price and quantity.
Barriers to entry reduce the likelihood that price-setter firms will see their positive economic profits competed away over time
Indicate whether the statement is true or false
In a market economy, buyers and sellers communicate their intentions to one another through:
a. government planners. b. negotiations overseen by government agencies. c. elected officials. d. prices.
Anything that influences a good’s price or the marginal physical product of labor will influence wages.
Answer the following statement true (T) or false (F)