If tablets have an absolute price elasticity of 1, the demand for tablets is
A) unit elastic.
B) inelastic.
C) perfectly elastic.
D) elastic.
Answer: A
Economics
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If real GDP grows at a faster rate than does population, then the standard of living, as measured by real GDP per person,
A) worsens. B) remains the same. C) cannot be measured. D) improves. E) either improves, worsens, or stays the same, depending on the size of the population and the actual level of real GDP.
Economics
Refer to the graph below. Which point is the break-even point for the firm?
A. A
B. B
C. C
D. D
Economics