According to the text, the price elasticity of demand for oranges has been estimated to be -0.62. This implies that a doubling of the price of oranges would cause the quantity demanded of oranges to:

Refer to the figure above. What is the equilibrium wage rate and equilibrium level of employment?

A) $35 and 10 units of labor B) $20 and 15 units of labor C) $15 and 35 units of labor D) $25 and 20 units of labor

Imposing a tariff on a good leads to a ________ in the price of the product and ________ in imports

A) rise; no change B) fall; a decrease C) rise; an increase D) fall; an increase E) rise; a decrease