Suppose the domestic supply (QS) and demand (QD) for skateboards in the United States is represented by the following set of equations:QS = -60 + 3PQD = 390 - 2PIn the absence of international trade in skateboards how many skateboards will be sold in the United States?

Punitive damage awards, which do more than compensate for the losses of those injured, do not influence the safety efforts of makers of products

Indicate whether the statement is true or false

If labor is 80 percent of total costs in industry A and 20 percent in industry B, then other things equal, we would expect the elasticity of demand for labor to be

A) greater in industry A than in industry B. B) greater in industry B than in industry A. C) the same in both industries. D) uncertain since no general relationship exists between cost shares and elasticities.