Daniel's consumption of pizzas drops from 6 per week to 4 per week when the price rises from $9 to $11 . His price elasticity of demand for pizza equals
a. 0.5
b. 1
c. 2
d. 0.08
e. 1.7
C
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Your textbook authors argue that the redemption efforts to free Sudanese slaves
A) generally succeeded until the government stepped in and created unintended shortages. B) worked poorly because slave surpluses became rampant. C) unintentionally increased profitability and slave supply. D) proved that underground markets do not coordinate the plans of participants.
Of the three big questions, what, how, and for whom, which of the fol-lowing is an example of a how question?
A. Why do doctors and lawyers earn high incomes? B. Why don't we produce more small cars and fewer gas guzzlers? C. Why do we use machines rather than migrant workers to pick grapes? D. Why do college football coaches earn more than professors?
Which of the following program(s) examples is (are) in-kind assistance to fight poverty in the United States?
a. Medicaid b. Negative income tax c. Supplemental security income (SSI) d. Aid to Families with Dependent Children (AFDC) e. Welfare checks
The construct used to demonstrate efficient use of society's resources is the
a. production possibilities frontier. b. payoff matrix. c. input-output table. d. cost-benefit table.