At a price of $100, Beachside Canoe Rentals rented 11 canoes. When it increased its rental price to $125, 9 canoes were rented. Calculate the absolute value of the price elasticity of demand for canoe rentals using the midpoint formula

The income effect due to a price decrease will result in an increase in the quantity demanded for

A) an inferior good. B) a public good. C) a Giffen good. D) a normal good.

The short-run aggregate supply curve shows that inflation will change as a result of changes in ________

A) output B) potential output C) expected inflation D) price shocks E) all of the above