The price elasticity of demand for potatoes is estimated to be -1.3, and the quantity demanded of potatoes is 3,000 bushels per week. In this situation, a 4% rise in the price of potatoes would reduce the quantity demanded by
a. 92 bushels per week.
b. 120 bushels per week.
c. 156 bushels per week.
d. 975 bushels per week.
c. 156 bushels per week.
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Which of the following statements is true?
a. The national debt is the current year's amount by which the government is spending more than it collects as taxes. b. Deficits are financed by the government issuing for sale more government securities. c. The debt ceiling refers to the amount of debt at which the government is officially declared as being bankrupt. d. Internal national debt is the portion of the national debt owed to foreigners.
In a partnership, decisions made and liabilities incurred are
a. usually incorrect b. the same as in a sole proprietorship c. the same as in a corporation d. always equally shared by all partners e. joint