If a huge percentage change in price leads to a small percentage change in quantity demanded, then demand is said to be elastic
a. True
b. False
Indicate whether the statement is true or false
False
Economics
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"When OPEC increases the supply of oil to the market, the price of gasoline falls." This is an example of
A) a normative statement. B) the failure of opportunity cost to determine prices. C) a positive statement. D) a macroeconomic statement.
Economics
In the above table, what is the marginal physical product of worker 2?
A) 10 B) 18 C) 11 D) 9
Economics