If a one percent change in the price of oil causes a 0.02 percent change in the quantity demanded of oil, then 0.02 is the

Creative destruction is not automatic because:

A. there are major obstacles to the entry of new innovative firms into concentrated industries. B. consumer tastes are highly unstable. C. corporate takeovers increase dynamic competition. D. large firms rarely are technologically progressive.

Figure 33-2 ? Given the situation in graph (1) in Figure 33-2, what movement would be expected in graph (2) from the economy’s self-correcting mechanism?

A. A to B B. A to D C. C to E D. D to C