Based on the information above, video games have
a. A unitary elastic demand
b. An inelastic demand
c. An elastic demand
d. A perfectly elastic demand
c
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Price elasticity of supply refers to the
a. change in supply that results from a change in demand b. percentage change in supply generated by a percentage change in demand c. change in price that results from a change in supply d. percentage change in price generated by a percentage change in supply e. percentage change in supply generated by a percentage change in price
According to the theory of comparative advantage, specialization and free trade will benefit
A. only that trading party that has both an absolute advantage and a comparative advantage in the production of all goods. B. all trading parties, even when some are absolutely more efficient producers than others. C. only that trading party that has a comparative advantage in the production of all goods. D. only that trading party that has an absolute advantage in the production of all goods.