If the price elasticity of demand for peanut butter is 2.4, then peanut butter
A) has an elastic demand.
B) has an inelastic demand.
C) has a unit elastic demand.
D) is a normal good.
A
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Economic growth in any country is reflected by an increase in real GDP
a. True b. False Indicate whether the statement is true or false
Which of the following is not a characteristic of a competitive market?
A. A large number of buyers and sellers. B. Firms can enter and exit the market freely. C. Firms sell differentiated products. D. All market participants have full information about cost and prices.
If short-run equilibrium GDP is above potential GDP, prices will eventually rise.
Answer the following statement true (T) or false (F)
When there is dissaving
A. both the APC and APS are positive. B. both the APC and APS are negative. C. the APC is positive and the APS is negative. D. the APC is negative and the APS is positive.