Assuming price elasticity of demand is reported as an absolute value, a price elasticity of one indicates:
A. the percentage change in quantity demanded will equal the percentage change in price.
B. the percentage change in quantity demanded will equal one.
C. both the percentage change in price and quantity demanded must equal one.
D. the percentage change in quantity demanded and the percentage change in price must sum to one.
A. the percentage change in quantity demanded will equal the percentage change in price.
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The aggregate supply curve represents levels of output that producers are willing to sell at
A) each level of the real interest rate. B) each level of real GDP. C) each price level. D) each inflation rate.
Subprime mortgages
A) are loans covered by reserve requirements of commercial banks. B) are home loans backed by the Treasury. C) are home loans given to individuals without credit to meet the loan requirements. D) none of these choices.
Which of the following would be effective transitions in a team presentation?
Suppose you are given a $100 gift card and you choose to spend it on a number of goods. You will select a combination of goods that is best for you and that maximizes your satisfaction. In other words, your choices will account for the effects of:
a. marginal benefits and marginal costs of each good considered b. attainable and unattainable combinations of the goods under consideration c. the available supply of each good considered d. scarce resources in the production of each good consideration