When interpreting the Ed value as either elastic or inelastic, we look at the
A. percent change in price.
B. Ed coefficient with its negative sign.
C. absolute value of the Ed coefficient (dropping the negative sign).
D. percent change in quantity.
Answer: C
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Between 1960 and 2012, the proportion of workers belonging to a union
a. decreased substantially in the private sector. b. was approximately constant in the private sector. c. decreased substantially in the government sector. d. was approximately constant in the government sector.
Celine buys a new MP3 player for $90 . She receives consumer surplus of $15 on her purchase if her willingness to pay is
a. $15. b. $90. c. $105. d. $75.
The weaker economies in the European Union were forced to _____to be eligible to receive bailouts.
A. decrease spending and taxes B. increase spending and taxes C. decrease spending and increase taxes D. increase spending and cut taxes
Nonprice competition results in
A. Production efficiency. B. Resource misallocation. C. Low entry barriers. D. Marginal cost pricing.