For a particular product, a demand elasticity is a quantitative measure that shows:
A) the percentage change in quantity demanded relative to the absolute change in any of the other variables included in the demand function for that product.
B) the absolute change in quantity demanded relative to the percentage change in any of the other variables included in the demand function for that product.
C) the percentage change in quantity demanded relative to the percentage change in any of the other variables included in the demand function for that product.
D) the absolute change in quantity demanded relative to the absolute change in any of the other variables included in the demand function for that product.
C
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To find the market demand curve for in-line skates, we must
A) add the quantities demanded at every price and every income by every buyer of in-line skates. B) add the quantities demanded at prices that all buyers can afford to pay. C) take account of the skate buying plans of all actual and potential buyers in all possible situations. D) sum horizontally the individual demand curves of all the buyers. E) None of the above answers is correct because we need also to take account of the supply of in-line skates.
When the Fed makes higher interest payments on bank reserves, banks will hold ________ reserves which will ________ the money supply
A) less; increase B) less; decrease C) more; increase D) more; decrease
Utility refers to the:
A. satisfaction that a consumer derives from a good or service. B. rate of decline in a product demand curve. C. relative scarcity of a product. D. usefulness of a product.
The two basic types of government regulation are
A. social regulation and labor law. B. social regulation and economic regulation. C. economic regulation and industry regulation. D. regulation of natural monopolies and regulation of cartels.