Suppose when the price of pineapples goes from $5 to $3 per pineapple, production decreases from 3,500 pineapples to 2,000 pineapples per year. Using the mid-point method, the percentage change in price would be:
A. 0.50
B. 50 percent
C. 0.54
D. 54 percent
B. 50 percent
You might also like to view...
More bidders would tend to increase the selling price at an oral auction if
a. bidders bid less aggressively b. the true value of the winner is higher c. the true values of the losers is higher d. Both A&C
Assuming the economy in the graph shown is currently at equilibrium A, we can conclude:
A. the economy is in a recession.
B. the economy is producing less than its potential level of output.
C. there must be unemployment of resources.
D. All of these are true.
If nations trade on the basis of comparative advantage
A. a nation can usually gain only it has an absolute advantage. B. all trading partners share equally in the gain. C. all trading partners share in the gain with distribution determined by their negotiating ability. D. a nation with an absolute advantage gains more than the other nations.
If the price of rubber (an input to the production of tires) increases:
A. the supply of tires will decrease. B. the supply of tires will increase. C. the demand for tires will decrease. D. the demand for tires will increase.