On the basis of the information, it can be said that:
A. no coincidence of wants exists between any two states.
B. a coincidence of wants exists between Michigan and Washington.
C. a coincidence of wants exists between Texas and Washington.
D. a coincidence of wants exists between Michigan and Texas.
A. no coincidence of wants exists between any two states.
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Refer to Figure 7.1. Start from initial equilibrium. If firms reduce their capital stock, the new real wage could be ________ and the new amount of labor employed could be ________
A) X; C B) X; A C) Z; C D) Y; C
If the price of good X falls and the demand for good X is unit elastic, then the percentage rise in quantity demanded is __________ the percentage fall in price, and total revenue __________.
A) greater than; rises B) less than; falls C) equal to; remains constant D) greater than; falls E) less than; rises