If the price elasticity of demand for moose hunting lessons is 4.23, then the demand for moose hunting lessons is
A) elastic.
B) unit elastic.
C) inelastic.
D) perfectly unit elastic.
E) perfectly elastic.
A
Economics
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Because it is difficult for economists to use experiments to generate data, they generally must
a. do without data. b. substitute assumptions for data when data are unavailable. c. rely upon hypothetical data that were previously concocted by other economists. d. use whatever data the world gives them.
Economics
When looking at this graph for the welfare effects of a subsidy, which area represents the cost of the subsidy to the government?
a. area a + b + c + d
b. area b + e + f + c + g
c. area f
d. area a + b – c
Economics