The table above gives the demand schedule for peas. Between point A and point B, the price elasticity of demand equals
A) 0.11.
B) 0.50.
C) 0.22.
D) 9.09.
D
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Five people want to have a lighted garden built at the entrance to their neighborhood. The difficulties they experience in getting one another to commit to paying for the garden are best described as
A) property rights. B) transactions costs. C) negative externalities. D) rivalry.
If workers and firms raise their inflation expectations,
A) unemployment will fall. B) the short-run Phillips curve will be vertical. C) the short-run Phillips curve will shift upward. D) actual inflation will fall to match expected inflation.
When a pure monopolist is producing its profit-maximizing output, price will:
A. be less than MR. B. equal neither MC nor MR. C. equal MR. D. equal MC.
In the textbook model of endogenous growth, in equilibrium, output grows at the rate of
A. A. B. n + d. C. sA - d. D. K.