In general, the larger the price elasticity:
a. the smaller the responsiveness of price to changes in quantity.
b. the smaller the responsiveness of quantity to changes in price.
c. the larger the responsiveness of price to changes in quantity.
d. the larger the responsiveness of quantity to changes in price.
d
You might also like to view...
In developing economies, national saving is often ________ relative to developed economies
A) high B) the same C) hard to tell D) low E) low for the very poor countries and high for the more developed
The per-worker production function relates output per worker
A) to capital per worker. B) to the participation rate. C) to production per worker. D) in different countries.
A country with a high GDP per capita can be classified as an industrially advanced country (IAC) regardless of its industrial development
a. True b. False Indicate whether the statement is true or false
Ariana withdrew $400,000 out of her personal savings account and used it to start her new Internet cafe. The savings account pays 3 percent interest per year. During the first year of her business, Ariana sold 2,000 cups of coffee for $2.50 per cup and 4,000 hours of Internet time, also at $2.50 per hour. During the first year, the business made monetary outlays of $9,000 . You may assume that
there is no opportunity cost to Ariana's time. Ariana's economic profit for the year was a. $-394,000. b. $-6,000. c. $3,000. d. $6,000.