If movies are an inferior good, movie attendance will rise when consumer incomes fall

According to your text, which group of scientists are completely free from biases?

A) Physicists B) Biologists C) Economists D) All of the above. E) None of the above.

Suppose a 4 percent increase in price results in a 2 percent increase in the quantity supplied of a good. Calculate the price elasticity of supply and characterize the product

A) 2; The product is elastic. B) 0.5; The product is inelastic. C) 0.2; The product is inelastic. D) 50%; The product is inelastic.