Price elasticity of demand is calculated as the change in price divided by the change in quantity demanded.

Inflation occurs when:

a. The prices of all goods and services rise by the same percent during a given period of time. b. There is a sustained increase in the average price level. c. There is an increase in the price level of raw materials. d. The contraction of the monetary base leads to a decrease in the average price level.

In an hour Jane can solder 50 connections or inspect 20 parts while Jim can solder 25 connections or inspect 20 parts in an hour

A) Jane has a comparative advantage over Jim in both soldering and inspecting. B) Jane has a comparative advantage over Jim in soldering while Jim has a comparative advantage in inspecting. C) Jim has a comparative advantage over Jane in soldering while Jane has a comparative advantage in inspecting. D) Jim had a comparative advantage over Jane in both soldering and inspecting.