Jim saw a decrease in the quantity demanded for his firm's product from 8000 to 6000 units a week when he raised the price of the product from $200 to $250 . Based on this information, the price elasticity of demand for Jim's product is
a. >1
b. 1
c. <1
d. 0
a
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Between 1981 and 2012, the United States
A) had a current account surplus almost every year. B) some years had a deficit and some years had a surplus that totaled a surplus of $2.5 trillion. C) had a current account surplus or deficit that almost equal to $0 every year. D) had a current account deficit almost every year. E) some years had a deficit and some years had a surplus that netted out to $0.
Comparative advantage is based on
A) comparing physical endowments, such as mineral resources, of two countries. B) differences in opportunity costs between two countries. C) one country being able to outproduce another country in some good. D) comparing the capital accumulation of two countries. E) two countries producing the same good.
Roughly what was the Democratic Republic of Congo's per capita GDP in 2011?
A) $110 B) $1,100 C) $11,000 D) $110,000
According to the Monetarists, "Policy activism" is difficult if not impossible to perform successfully because
A) the timing of policy impacts on nominal GDP are known. B) the magnitude, size of impacts are known. C) the timing and magnitude of the impact of AD disturbances are known, forecasted with precision. D) Monetarists believe all of the above are correct.