The price elasticity of demand is measured as the percentage change in price divided by the percentage change in quantity demanded
Indicate whether the statement is true or false
FALSE
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Why do many economists believe that money affects output? What is the empirical evidence in support of that belief?
What will be an ideal response?
Suppose that the demand for a monopolist's product is estimated to be Qd = 100 ? 2P and its total costs are C(Q) = 10Q. Under first-degree price discrimination, the optimal price(s), number of total units exchanged, profit, and consumer surplus are:
A. P = $30; Q = 40, ? = $800; CS = $400. B. 10 ? P ? 50; Q = 80, ? = $1,600; CS = $0. C. P = $30; Q = 40, ? = $600; CS = $0. D. 10 ? P ? 100; Q = 80; ? = $1,600; CS = $1,600.
The TPP incorporates labor standards directly rather than as a side agreement
Indicate whether the statement is true or false
Consider a market that is in equilibrium. If it experiences a decrease in supply, what will happen? The supply curve will shift to the:
A. right and the equilibrium price and quantity will fall. B. left and the equilibrium price and quantity will fall. C. left and the equilibrium price will increase and the equilibrium quantity will decrease. D. left and the equilibrium price and quantity will rise.