What is price elasticity of demand? Why is it significant?
The price elasticity of demand measures by how much quantity demanded responds to a change in price. The word "elasticity," in its everyday use, refers to stretchiness: material with more elastic stretches more, while material with less elastic stretches less. The price elasticity of demand has the same general meaning, except that in this case the stretchiness refers to how much the quantity demanded stretches or contracts in response to a change in price.
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What type of cost is defined as at least what the resource could earn in its best alternative use?
a. implicit cost b. explicit cost c. opportunity cost d. total cost
Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as 
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting upward C. Short-run aggregate supply shifting downward D. Aggregate demand shifting leftward