If the price of a good rises by 10% and the quantity purchased falls by 5%, then demand for the good is ________ and total spending on the good will ________

"Unions in the United States have helped raise the incomes of union workers as compared to nonunion workers." Do you agree or disagree? Why?

What will be an ideal response?

A profit-maximizing firm will hire inputs until MRP = P of the input.

Answer the following statement true (T) or false (F)