Suppose the price of crude oil drops from $150 a barrel to $120 a barrel. The quantity bought remains unchanged at 100 barrels. The coefficient of price elasticity of demand in this example would be

Which of the following directly creates growth in labor productivity?

I. Growth in capital per hour of labor II. Technological change III. Population growth A) I only B) II only C) I and II D) I and III

Tom was out shopping for a sweater and learned that they will all go on sale tomorrow. We would expect Tom's demand for sweaters today to:

A. shift to the right. B. increase. C. move down along his demand curve. D. shift to the left.