Although Europe is not an OCA, some areas in the European Union would probably meet the criteria. Which of the following would meet them?
A) France, Sweden, and Denmark
B) the former Eastern bloc nations of Yugoslavia, Romania, and Bulgaria
C) the Netherlands, Denmark, and Britain
D) Italy, Germany, Austria, Belgium, the Netherlands, and Luxembourg
Ans: D) Italy, Germany, Austria, Belgium, the Netherlands, and Luxembourg
Economics
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Tennis balls and tennis rackets are complements. If a 3 percent change in the price of a tennis racket leads to a 9 change in the quantity of tennis balls demanded, the cross elasticity of demand equals
A) 3. B) -3. C) 1/3. D) -1/3. E) 9.
Economics
When demand is elastic, the marginal revenue resulting from a decrease in price is:
A) positive. B) zero. C) negative. D) cannot be determined without more information.
Economics