Demand is said to be unit elastic if quantity demanded
a. changes by the same percent as the price.
b. changes by a larger percent than the price.
c. changes by a smaller percent than the price.
d. does not respond to a change in price.
a
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Which of the following is not a final good or service?
A. A gallon of milk for your breakfast cereal B. A notebook for your college courses C. The cheese on the pizza you bought from Domino's D. The salsa you use while watching football on the weekend.
Which school of economic thought is most closely associated with calls for monetary rules to guide monetary policy decisions?
a) The Monetarist school b) The Classical school c) The Keynesian school d) The Austrian school
From 1998 to 2010, the cost of building a nuclear plant increased from $3 billion to $10 billion. If the marginal cost of producing electricity stays the same, then the average fixed cost of producing electricity ________ while the average total cost of producing electricity ________.
A. increases; increases B. decreases; stays the same C. increases; stays the same D. decreases; increases
Given the demand curve in this graph, if this product or service were free, how much consumer surplus would the individual receive?
A. $0
B. $1.50
C. $5.00
D. $10.50