If a large percentage increase in the price of a good results in a small percentage reduction in the quantity demanded of the good, demand is said to be

A normative economic statement is

a. a statement of fact b. a statement of opinion which advocates a particular position c. not acceptable in the economics profession d. the only acceptable manner to present economic information e. a statement based upon government-supplied information

The manager of a shoe-manufacturing unit divides workers into three groups and assigns them tasks based on their skill sets. Some are assigned the task of designing shoes, some are assigned the task of manufacturing shoes, and the rest are asked to pack the shoes. This is: a. an example of specialization of labor

b. likely to increase the total cost of manufacturing shoes. c. likely to increase the marginal cost of producing additional shoes. d. an example of wage discrimination among workers.