Which of the following must cope with scarcity?

Economists at the Bureau of Economic Analysis are collecting data for the quarterly GDP reporting, which will indicate the health of the economy. The time the Federal Reserve must wait for economic data to be collected, processed, and reported is known as the:

a) information lag. b) recognition lag. c) decision lag. d) implementation lag.

Assume that a firm's marginal cost is $10 and the elasticity of demand is -2. We can conclude that the firm's profit maximizing price is approximately

A) $20. B) $5. C) $10. D) The answer cannot be determined without additional information.