The price elasticity of demand for soybeans is defined as the
A. Unit change in quantity demanded of soybeans times the unit change in the price of soybeans.
B. Unit change in soybean price divided by the unit change in quantity demanded of soybeans.
C. Percentage change in quantity demanded of soybeans divided by the percentage change in the price of soybeans.
D. Percentage change in quantity demanded of soybeans times the percentage change in soybean price.
Answer: C
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The economy is in its short run equilibrium at the point where the
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A) $40 B) $20 C) $30 D) $25
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