Use the data in the table below to answer the following question.PriceQuantity Demanded$201218171620142412301036840644448The price elasticity of demand (based on the midpoint formula) when price increases from $6 to $8 is

When isoquants get progressively closer together there is

a. increasing returns to scale b. decreasing returns to scale c. constant returns to scale

An upward-sloping labor supply curve means that

a. workers prefer to buy more leisure time when their incomes increase. b. workers prefer to supply less labor when wages are high. c. an increase in the opportunity cost of leisure leads workers to increase the quantity of labor they supply. d. All of the above are correct.