Demand is inelastic if
a. the percentage change in price is greater than the percentage change in quantity demanded
b. the percentage change in price is less than the percentage change in quantity demanded
c. the percentage change in price is equal to the percentage change in quantity demanded
d. the value of price elasticity is equal to -1
e. the value of price elasticity is less than -1 (e.g., -3)
A
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Your grandfather tells you that he earned $7,000/year in his first job in 1961. You earn $35,000/year in your first job in 2016. You know that average prices have risen steadily since 1961. You earn
A) more than 5 times as much as your grandfather in terms of real income. B) less than 5 times as much as your grandfather in terms of real income. C) less than 5 times as much as your grandfather in terms of nominal income. D) 5 times as much as your grandfather in terms of real income.
The European Union antitrust law focuses on which of the following?
A) efficiency B) the leveling of the competitive playing field C) furthering the social interest D) the means to monopolize a market