The price elasticity of demand measures
A. the change in quantity demanded due to a change consumer income.
B. the change in price due to a change in demand.
C. the responsiveness of price to a change in competition.
D. the responsiveness of quantity demanded to a change in price.
Answer: D
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A) "The Great Depression" B) "The Great Inflation" C) "The Great Moderation" D) all of the above E) none of the above
In a market economy, incomes would be very equal if there was no discrimination
a. True b. False Indicate whether the statement is true or false
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a. True b. False Indicate whether the statement is true or false
Suppose that the market for labor is initially in equilibrium. Suppose that workers' tastes change so that they choose to retire at age 55 rather than age 67 . Then the equilibrium wage
a. and the equilibrium quantity of labor will rise. b. and the equilibrium quantity of labor will fall. c. will rise, and the equilibrium quantity of labor will fall. d. will fall, and the equilibrium quantity of labor will rise.