The price elasticity of demand for a product is a measure of the:
a. extent of competition in the market for the product.
b. change in the quantity purchased of the product relative to a change in a consumer's income.
c. change in the quantity demanded of the product due to changes in factors other than price.
d. degree of consumer responsiveness to changes in the price of the product.
e. percentage change in the prices of two related products.
d
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Which of the following statements is true?
A) If the supply of labor exceeds the demand for labor, wage rates tend to rise. B) There is no voluntary unemployment at the equilibrium wage rate. C) If the demand for labor exceeds the supply of labor, wage rates tend to fall. D) Lack of information relating to the job market can lead to unemployment.
Which of the following is true?
a. Monetary policy influences long-term real interest rates more than short-term interest rates. b. Short-term interest rates are primarily determined by real factors and the expected inflation. c. A shift to a more expansionary monetary policy will tend to raise short-term interest rates. d. A shift to expansionary monetary policy that increases the fear of future inflation will tend to increase long-term interest rates.