At its maximum during the Great Depression unemployment reached approximately ___ percent of the labor force?

The marketing people for AT&T believe that if they lower the price of long-distance phone calls by 5 percent, their quantity demanded will increase by 15 percent. If they are correct in their belief, then

A) the demand for long-distance phone calls is price inelastic. B) the total revenue from long-distance phone calls will increase if they lower the price. C) the demand for long-distance phone calls is income elastic. D) the total revenue from long-distance phone calls will decrease if they lower the price.

The market structure of oligopoly is when

A) there are a small number of interdependent firms that constitute the entire market. B) there is a single producer of a product. C) there are many producers of a differentiated product. D) there are many producers of a homogeneous product.