In a competitive market, there are a ________ number of buyers and a ________ number of sellers
A) large; small
B) small; large
C) small; small
D) large; large
D
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Which of the following is not an investment in human capital?
A. An individual decides to enroll in a vocational training program. B. The government expands its programs to improve health care. C. The government increases the level of unemployment benefits. D. A firm engages in on-the-job training.
The midpoint method for calculating elasticities is convenient in that it allows us to
a. ignore the percentage change in quantity demanded and instead focus entirely on the percentage change in price. b. calculate the same value for the elasticity, regardless of whether the price increases or decreases. c. assume that sellers' total revenue stays constant when the price changes. d. restrict all elasticity values to between 0 and 1.