Suppose you are given the following demand data for a product.PriceQuantity Demanded$1030940850760670Using the regular percentage change formula, what is the price elasticity of demand when price increases from $6 to $7?
A. Elastic
B. Unelastic
C. Inelastic
D. Unit elastic
Answer: C
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A) buyers typically know more than sellers about the products they are selling. B) competition encourages buyers and sellers to conceal a portion of what they know. C) its possession enables people to increase their wealth, and it cannot be acquired without cost. D) sellers typically know more than buyers about the products they are selling.
The above table shows the distribution of income and wealth in Miseria. What percent of income is earned by the richest 40 percent of the population?
A) 20 percent B) 30 percent C) 55 percent D) 70 percent
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A) call; be B) put; be C) call; not be D) put; not be
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