the United States economy is operating at peak efficiency, it is on its ___________________________.

A 10 percent rise in the price of housing reduces the quantity demanded of housing by 3 percent. We can conclude that the demand for housing is:

a. inelastic. b. elastic. c. unitary elastic. d. perfectly elastic.

Although highly unlikely in the real world, in a perfectly balanced oligopoly with eight firms, the market share of each firm is

a. 16.2 percent b. 14.0 percent c. 13.5 percent d. 12.5 percent e. 8.0 percent