If the price elasticity of demand for a good is 0.5, then a 5 percent increase in price results in a
a. 0.1 percent decrease in the quantity demanded.
b. 1 percent decrease in the quantity demanded.
c. 2.5 percent decrease in the quantity demanded.
d. 10 percent decrease in the quantity demanded.
c
Economics
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New technology for producing plywood is developed. Which of the figures above best illustrates this change?
A) Figure A B) Figure B C) Figure C D) Figure D E) Figure A and Figure D
Economics
Which of the following factors is not a major cause of long-term economic growth?
a. Advancements in technology & innovation b. Constructive labor-management relations c. Expansionary monetary policy d. Effective corporate governance policies e. Government institutions and policies to improve economic efficiency
Economics