The price elasticity of demand for beef is estimated to be 0.60 (in absolute value). This means that a 20 percent increase in the price of beef, holding every thing else constant, will cause the quantity of beef demanded to

Hurricane Katrina damaged a large portion of refining and pipeline capacity when it swept through the Gulf coast states in August 2005. As a result of this, many gasoline distributors were not able to maintain normal deliveries

At the pre-hurricane equilibrium price (i.e., at the initial equilibrium price), we would expect to see A) a shortage of gasoline. B) an increase in the demand for gasoline. C) a surplus of gasoline. D) the quantity demanded equal to the quantity supplied.

Why doesn't the minimum job proposal offer jobs commensurate with people's skills and education?

A. These people can find such jobs in the marketplace because their skills are valued, making them in high demand. B. These people are holding out for a job in the marketplace. Providing them with jobs wouldn't be offering a minimum job, which is the program's objective. C. The monitoring costs of such a job would be too high, because people will claim to have high skills when they really don't. D. The proposal doesn't believe these people provide more productive skills that other workers.