If the demand curve over a certain range is "price elastic," this implies that the:
a. percentage change in the quantity demanded exceeds one.
b. percentage change in the quantity demanded exceeds the percentage change in product price.
c. percentage change in price exceeds the percentage change in quantity demanded.
d. product is non-reactive.
e. product has no good substitute.
b
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In which of the following forms of regional trading agreement are rules of origin required?
a. a free-trade area b. a customs union c. a common market d. an economic union
According to the textbook, if students are graded on a curve so that each student's grade depends upon their performance relative to other students, the resulting positional arms race are partially offset by social norms that:
A. encourage people to save money for college. B. encourage everyone to study hard. C. award only the very top performers. D. discourage studying by labeling hard-working students as "nerds".