Price elasticity of demand is measured by the percentage change in quantity demanded divided by the percentage change in income
Indicate whether the statement is true or false
F
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Constant returns to scale cause the long-run average cost curve to be:
A. horizontal. B. vertical. C. upward-sloping. D. downward-sloping.
Answer the following statement true (T) or false (F)
1) Price-fixing is illegal under Section 1 of the Sherman Act. 2) Monopolization is illegal under Section 1 of the Sherman Act. 3) The U.S. Justice Department, the Federal Trade Commission, state attorneys general, and injured private parties can independently file charges against firms under the Sherman Act. 4) Anticompetitive mergers are illegal under provisions of the Clayton Act (as amended).
If GDP grew 3% in 1970, 2.2% in 1971 and 2.5% in 1972 then, what is the average annual growth rate over this period?
A) 5% B) 4% C) 2.6% D) -2.2%
On June 1, Harding Co. purchased a machine for $14,000 and estimates it will use the machine for five-years with a $2,000 salvage value. Using the straight-line depreciation method, compute the machine's first year (partial) depreciation expense for June 1st through December 31st.