What is the correct comparison between slope and elasticity along a linear demand curve?
a. Slope shows the ratio of percentage changes of two variables; elasticity shows the ratio of changes of two variables.
b. Slope shows the ratio of changes of two variables; elasticity shows the ratio of percentage changes of two variables.
c. Slope shows the ratio of negative changes of two variables; elasticity shows the ratio of positive changes of two variables.
d. Slope shows the ratio of positive changes of two variables; elasticity shows the ratio of negative changes of two variables.
b. Slope shows the ratio of changes of two variables; elasticity shows the ratio of percentage changes of two variables.
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Horizontal and vertical equity are the two primary measures of efficiency of a tax system
a. True b. False Indicate whether the statement is true or false
Refer to Figure 14-11. The figure above is for a firm operating in a competitive industry. If there were four identical firms in the industry, which of the following price-quantity combinations would be on the market supply curve?
A $4 16 B $4 32 C $6 6 D $8 64
Which of the following equations accurately shows a total revenue increase when demand is price inelastic?
a.
b.
c.
d.
Which of the following is likely among the most concentrated industries in the United States?
A. household vacuum cleaners B. tobacco products C. soft drinks D. printing and publishing