Refer to the figure below. What is the price elasticity of demand when the price of rice is $6 per pound? 

A. 0.5
B. 3
C. 2
D. 0.67


Answer: C

Economics

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In a country with a working-age population of 300 million, 230 million workers are employed and 40 million workers are unemployed. What is the labor force participation rate?

A) 100 percent B) 90 percent C) 65 percent D) 5 percent

Economics

According to the graph shown, if a firm is producing at Q2:

This graph represents the cost and revenue curves of a firm in a perfectly competitive market.

A. profits are being maximized.
B. average total costs are minimized.
C. it is producing at an efficient scale.
D. All of these are true.

Economics

According to Coase, firms emerge when

a. transaction costs in the market are less than the cost of hierarchical control b. transaction costs in the market are more than the cost of hierarchical control c. prices in the market are less than the cost of hierarchical control d. prices in the market are more than the cost of hierarchical control e. implicit contracts in the market can be made explicit in a firm

Economics

The Coase theorem states that if pollution permits are tradable, the outcome will be optimal, _____

a. regardless of who initially gets the permits b. only if the property rights are assigned to the victims of pollution c. only if property rights are determined by the government d. only if the property rights are assigned to the party with the least-cost alternative

Economics