The price elasticity of demand for a popular sporting event is 2. If the price of a ticket to this event increases by 10 percent, the quantity of tickets demanded will:
A. Decrease by 5 percent
B. Decrease by 20 percent
C. Decrease by 10 percent
D. Decrease by 0.2 percent
B. Decrease by 20 percent
Economics
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According to the above table, the marginal propensity to consume is
A) 0.8. B) 0.75. C) 0.5. D) 0.6.
Economics
Firms in a monopolistically competitive industry produce:
a. consumption goods only. b. differentiated products. c. homogeneous goods and services. d. competitive goods only.
Economics
At an exchange rate of $1 = €1 in Figure 36.1, there is
A. Equilibrium in the foreign exchange market. B. A shortage of euros. C. a shortage of dollars. D. A surplus of dollars.
Economics
Explain why only final goods are included in GDP.
What will be an ideal response?
Economics