If the elasticity measure equals 3.5, then the demand is

If the Money Store earns a normal profit this year, its

a. economic profit is equal to its accounting profit b. economic profit is zero c. economic profit is equal to the average accounting profit in other industries d. accounting profit is zero e. accounting profit is less than its economic profit

Which of the following statements is true with respect to the concept of dumping in international trade?

a. Dumping is designed to sell off surplus goods, especially agricultural goods. b. Dumping leads to higher competition in the long run. c. Dumping is illegal in the United States. d. Dumping creates toxic wastes in the importing country. e. Dumping can only be practiced by a monopolist.