If demand is price elastic,
A) a 1 percent decrease in the price leads to an increase in the quantity demanded that exceeds 1 percent.
B) a 1 percent increase in the price leads to an increase in the quantity demanded that exceeds 1 percent.
C) a 1 percent decrease in the price leads to a decrease in the quantity demanded that is less than 1 percent.
D) the price is very sensitive to any shift of the supply curve.
A
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Which of the following is one of the most important benefits of money in an economy?
a. Money allows for the exchange of goods and services. b. Money allows for the accumulation of wealth. c. Money makes exchange easier, leading to more specialization and higher productivity. d. Money encourages people to produce all of their own goods (self-sufficiency) and therefore increases economic stability.
In a risk-benefit analysis of pesticide use,
a. benefits are the gains from eliminating or reducing pesticide use b. benefits can be measured as the change in producer and consumer surpluses linked to increasing supply due to enhanced crop yields c. the data needed to estimate benefits are readily obtainable d. secondary benefits, such as improved worker productivity, are not relevant
Unlike a tariff, a quota does not allow a domestic monopoly to assert its monopoly pricing powers.
Answer the following statement true (T) or false (F)
Refer to Figure 3.2, which shows David's and Celeste's individual supply curves for flower arrangements per week. Assuming David and Celeste are the only producers in the market, what is the market quantity supplied at a price of $20?
A. 0 B. 100 C. 150 D. 200