When the Blue Ocean Surfboard Company lowered the price of surfboards by 20%, it sold 10% more surfboards. The price elasticity of demand for surfboards is:
a. 2

Endogenous growth theory rejects the assumption of exogenous

a. production functions. b. knowledge. c. technology. d. both b and c. d. all of the above.

Suppose it is discovered that consumption of butter leads to a longer life. This information would lead to

A) an increase in quantity demanded. B) an increase in demand. C) a decrease in quantity demanded. D) a decrease in demand.