Refer to the information. Over the $9-$7 price range, demand is:
A. perfectly elastic.
B. perfectly inelastic.
C. elastic.
D. inelastic.
C. elastic.
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In 2012, the nominal wage rate for unionized carpenters was $37.50 and the CPI was 204. Calculate the real wage rate for this group of workers
A) $5.44 B) $18.38 C) $47.09 D) $1.84 E) $37.50
The lifetime income distribution of income is a ________ accurate indicator of the degree of economic inequality than the distribution of ________
A) less; of annual income B) more; of annual income C) less; of wealth D) less; annual Lorenz curves
A firm that generates zero economic profit usually has
A) negative business profit. B) zero business profit. C) positive business profit. D) business profit equal to half the total revenue.
Classical economists wrote from the 1770s to the ________
A) 1850s B) 1890s C) 1930s D) 1960s