Which of the following questions would a macroeconomist most likely try to answer?
A. What stage of the business cycle is our economy currently in?
B. Why do Broadway musicals and airlines have different price discrimination strategies?
C. How much would marijuana consumption change if the market became legal?
D. Should the 5-Hour Energy firm increase its distribution from national to international?
A. What stage of the business cycle is our economy currently in?
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Refer to Figure 3-4. At a price of $25, how many units will be supplied?
A) 400 B) 500 C) 600 D) 800
When calculating the price elasticity of demand, we assume that the price of the good changes while all other variables affecting
a. demand except buyers' incomes remain constant b. demand except the population size remain constant c. demand and supply remain constant d. supply remain constant e. demand remain constant