An identity is a relationship expressed in such a way that it is true by definition
a. True
b. False
Indicate whether the statement is true or false
True
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Today's demand curve for gasoline could shift in response to a change in
a. today's price of gasoline. b. the expected future price of gasoline. c. the number of sellers of gasoline. d. All of the above are correct.
A freeze that destroys all of the Florida orange crop would result in
a. a lower price for orange juice as people will switch to Texas grapefruit juice b. a higher price for orange juice as people demand more orange juice c. no change in the price for orange juice d. a higher price for orange juice due to the decrease in supply of oranges e. a higher price for orange juice due to the increase in demand for oranges
Answer the following statement(s) true (T) or false (F)
1. In a market economy, CEOs and other top executives own most of the resources. 2. The market system can work only if the government enforces the rules. 3. Inflation is defined as an increase in the overall price level in an economy. 4. Unemployment can occur because of seasonal fluctuations in demand.
Refer to the above table. What is the absolute price elasticity of demand when price changes from $6.00 to $6.50?
A. 0.60 B. 1.00 C. 0.65 D. 1.60