Every economic decision involves a trade-off because of
a. theory.
b. opportunism.
c. consumption.
d. scarcity.
e. efficiency.
d
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The table above shows the situation in the gasoline market in Tulsa, Oklahoma. If the price of a gallon of gasoline is $3.73, then
A) there is a surplus of gasoline in Tulsa. B) there is a shortage of gasoline in Tulsa. C) the gasoline market in Tulsa is in equilibrium. D) without more information we cannot determine if there is a surplus, a shortage, or an equilibrium in the gasoline market in Tulsa. E) there is neither a surplus nor a shortage, but the market is NOT in equilibrium.
Price elasticity of demand is defined as: a. the slope of the demand curve
b. the slope of the demand curve divided by the price. c. the percentage change in price divided by the percentage change in quantity demanded. d. the percentage change in quantity demanded divided by the percentage change in price.