The more sensitive people are to a change in price, the
A) greater a change in price must be to induce a certain change in quantity demanded.
B) greater is the price elasticity of demand.
C) smaller the price elasticity of demand.
D) closer the price elasticity of demand is to one.
Answer: B) greater is the price elasticity of demand.
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What happens to the quantity of labor supplied, the quantity of labor demanded, and the number of unemployed workers if the minimum wage rate set above the equilibrium wage is increased still higher?
What will be an ideal response?
Marquis decides to bank with First National Bank (FNB). He opens a checking account by depositing $1,000 . According to the FNB balance sheet, after this initial $1,000 checkable deposit, there are $1,000 in
a. reserves and $1,000 in checkable deposits. b. liabilities and $2,000 in checkable deposits. c. checkable deposits and $0 in assets. d. assets and $0 in liabilities. e. reserves and $0 in liabilities.