When the price elasticity of demand for a good is 1.5, this means that a 1 percent change in price creates a ______ in quantity demanded

Wealthy people will tend to have vertical labor supply curves

A) only if their income effect just offsets their substitution effect. B) only if their income effect is greater than their substitution effect. C) only if their income effect is less than their substitution effect. D) only if they don't have an income effect.

An increasing cost industry is one in which per unit cost increases as output expands in the long run

a. True b. False