If people spend 30 percent less on movie tickets when movie prices decline 15 percent, the price elasticity of demand for movie tickets at these prices must be
a. -3.0.
b. elastic
c. -0.5.
d. inelastic.
B
You might also like to view...
If Country A has an absolute advantage over Country B in the production of every commodity:
a. mutual gains from trade between Country A and Country B would be impossible. b. Country B would be able to gain from trade but not country A. c. the joint output of the two countries could not be increased through specialization and exchange. d. mutual gains from trade would still be possible.
Cartel agreements are more likely to succeed if: a. there are a large number of firms in the industry producing identical products. b. there are few firms in the industry producing identical products
c. there are a large number of firms in the industry producing differentiated products. d. there are a few firms in the industry producing differentiated products.
When was the closest the United States has ever gotten to hyperinflation?
a. During the Great Depression b. During the Great Recession c. During the Civil War d. During World War II
Suppose the U.S. dollar price of the Euro falls. This means that
A) the U.S. exchange rate has risen and the U.S. dollar buys more euros. B) the U.S. exchange rate has risen and the U.S. dollar buys less euros C) the U.S. exchange rate has fallen and the U.S. dollar buys more euros. D) the U.S. exchange rate has fallen and the U.S. dollar buys less euros.