______________—a term referring to when a given percent price change in price leads to an equal percentage change in quantity demanded or supplied.

Rational slave owners had economic incentive to adequately clothe, feed and care for their slaves

Indicate whether the statement is true or false

Two reasons why an economy might operate inside of its production possibilities frontier are

a. productive efficiency and technological change b. depressions and inflation c. recessions and productive inefficiency d. opportunity costs and substitutability of resources used in production e. productive inefficiency and a decrease in the state of technology