In the figure above, using the midpoint method, what is the price elasticity of demand when the price falls from $8 to $7?

When the government's outlays equal its tax revenue, then the budget

A) is in deficit. B) is in surplus. C) is balanced. D) could be either in surplus or deficit. E) is legal only because expenditures equal tax revenues.

If two grade-school children willingly trade their lunches with one another, we can conclude that at least one of them preferred the other's lunch to his own

Indicate whether the statement is true or false