Demand is price elastic if a
A) relatively large price increase leads to a relatively small decrease in the quantity demanded.
B) relatively small price increase leads to a relatively large decrease in the quantity demanded.
C) price increase leads to a decrease in the quantity demanded.
D) price increase leads to an increase in the quantity demanded.
B
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What is a command economy?
What will be an ideal response?
Canada has a single-payer health care system in which the government provides national health insurance to all Canadian residents
Indicate whether the statement is true or false
Why did the slave-labor system probably cause a lag in Southern urban and industrial development?
(a) The slave system provided a weak market for goods because of the low income and consumption levels of slaves. (b) Side-effects of urbanization and industrialization, such as slave flight and greater freedom, were threatening to Southern owners. (c) The South's slave society culture was resistant to manufacturing and urbanization. (d) All of the above apply.
Other things held constant, after some point hiring additional units of labor will cause the marginal physical product of labor to decline because
A) the firm is a price taker. B) the wage rate increases when additional workers are hired. C) of the law of diminishing marginal product. D) the supply of labor is perfectly elastic.