If we observe that when the price of chocolate increases by 10%, quantity demanded falls by 5%, then the demand for chocolate is price inelastic

According to this Application, the economic effects of increases in temperature seem to

A) be confined to poorer countries. B) be confined to richer countries. C) be nonexistent in most countries. D) be equal across all countries.

When existing firms leave a perfectly competitive industry, ________

A) the equilibrium price decreases, while the equilibrium quantity increases B) the equilibrium price increases, while the equilibrium quantity decreases C) both the equilibrium price and quantity increase D) both the equilibrium price and quantity decrease