If the percentage change in the quantity demanded of a good is greater than the percentage change in price, price elasticity of demand is:

The Trans-Pacific Partnership (TPP) would ________ tariffs on most goods and services shipped between partnership countries and also ________ so-called non-tariff barriers to trade, such the licenses governments require to import some goods

A) lower; raise B) raise; raise C) eliminate; reduce D) lower; eliminate

Fixed costs are best defined as: a. costs that do not vary with output

b. costs that vary with output. c. the sum of all marginal costs. d. the change in total cost when one more unit of output is produced.