Moving upward along a downward sloping straight-line demand curve, as the price of the product goes up
A) the price elasticity of demand does not change.
B) the price elasticity of demand goes from being inelastic to being elastic.
C) the price elasticity of demand goes from being elastic to being inelastic.
D) the price elasticity of demand goes from negative to positive.
Answer: B
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The unemployment rate in the U.S. is equal to ________
A) the number of individuals unemployed in the U.S. divided by the U.S. population B) the number of individuals unemployed divided by the U.S. labor force C) the size of the U.S. population divided by the number of individuals unemployed D) the size of the U.S. labor force divided by the number of individuals unemployed
Other things equal, if the Fed increases the discount rate,
A) the monetary base will decrease and the money supply will remain constant. B) the monetary base and the money supply will both decrease. C) the money supply will decrease and the monetary base will remain constant. D) the monetary base will decrease and the money supply may increase or remain constant.
If income rises in the market for an inferior good, will the demand curve for the inferior good shift to the right or to the left?
The market power of a firm refers to its ability to
A. make a profit even when other firms in the industry are making losses. B. erect entry barriers in the industry. C. affect the market price for its industry's output. D. control its own output level while keeping its price the same as the prices charged by other firms.