If elasticity of demand is 5 and price is raised from $10 to $11, by what percentage will quantity demanded fall?

Which of the following statements concerning the prisoner's dilemma is TRUE?

A) The player who moves last will always win. B) Confessing is the dominant strategy for both players. C) Neither player will pick the dominant strategy. D) The player who moves first will always win.

The most commonly used price index to track changes in prices for the typical household in the U.S. is:

A. consumer price index. B. average price index. C. retail price index. D. producer price index.