The percentage change in the quantity of a good demanded is calculated by:
a. multiplying the absolute change in quantity demanded and the average quantity demanded.
b. dividing the absolute change in quantity demanded by the average quantity demanded.
c. multiplying the absolute change in quantity demanded and the total quantity demanded.
d. dividing the absolute change in quantity demanded by the total quantity demanded.
b
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Compare and contrast the marginal cost and average cost pricing rules for regulating natural monopolies
What will be an ideal response?
As a result of GATT, tariff rates in developed countries have decreased from 40 percent in 1948 to less than 4 percent today.
Answer the following statement true (T) or false (F)
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point A to Point E, the opportunity cost of motorcycles, measured in terms of hybrid cars
A. remains constant. B. decreases. C. initially increases, then decreases. D. increases.
If we knew that nominal GDP was currently $7500 billion, and that current GDP in dollars of 1992 purchasing power was $5000 billion, what would we know about the GDP deflator?
A) It would be .667. B) It would be 150. C) Nothing until we had current information on the price level, such as consumer price index figures. D) Only that a dollar buys more currently than it bought in 1992. E) Only that a dollar currently buys less than it bought in 1992.