A craze for apples in Riverdale increases the quantity demanded at every price by five bushels. Between any two prices, the new demand curve will be ____ the old demand curve.
A. more elastic than
B. less elastic than
C. equal in elasticity to
D. More information is needed to predict the relationship.
Answer: B
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When the quantity of labor supplied is equal to the quantity of labor demanded at the equilibrium wage rate
A) frictional unemployment is zero. B) there is a lack of unemployment. C) the economy operates at full-employment output. D) the economy is at a peak point during an inflationary period.
Value and price can be compared by noting that
A) they are the same thing. B) value is always greater than price. C) value is what we must pay, while price is what we are willing to pay. D) price is what we must pay, and value is what we are willing to pay. E) value is what the seller receives when we buy a good, and price is what we must pay when we buy a good.