Below, the graph on the left shows the short-run marginal cost curve for a typical firm selling in a perfectly competitive industry. The graph on the right shows current industry demand and supply.If the firm's demand and marginal revenue curves were drawn in the left-hand graph, what would be the elasticity of demand?

One disadvantage of commodity money is that

A) it cannot be readily converted to gold. B) its quantity can fluctuate erratically C) its value does not change. D) it has no value apart from its use as money.

The law of demand

A) was passed by the 102nd U.S. Congress. B) is a natural law, much like the law of gravity. C) is considered a "law" in economics because of the overwhelming empirical evidence that supports its logic. D) is considered a "law" in economics in order to force economic models to operate fully.