Price elasticities are calculated for four goods, and the values are: 5.5; 3.5; 1.0; 0.2. Which price elasticity is most elastic?

The real wage rate is $35 an hour. At this wage rate there are 100 billion labor hours supplied and 200 billion labor hours demanded. There is a

A) shortage of 300 billion hours of labor. B) shortage of 100 billion hours of labor. C) surplus of 100 billion hours of labor. D) surplus of 300 billion hours of labor. E) shortage of 200 billion hours of labor.

Refer to Table 15-4. What is the amount of the deadweight loss generated by Shakti when it produces the monopoly output?

A) $124 B) $42 C) $36 D) $12