The price elasticity of demand for mobile phones
a. will be higher if there is an improvement in the production technology.
b. will be lower if consumers perceive mobile phones to be a necessity.
c. is computed as the percentage change in the price of mobile phones divided by the percentage change in quantity of mobile phones.
d. All of the above are correct.
b
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If the NCAA prohibits colleges and universities from offering more than room, board, and tuition to outstanding high school football and basketball players, the recruitment practices of athletic departments will
A) adhere more closely to high ethical standards. B) become constantly more complex and costly. C) make the athletes better off in the long run. D) make the athletes better off in the short run. E) shift to favoring academic ability over athletic ability.
The population of Tiny Town is 100 people and the labor force is made up of 75 people. If 5 of these people are unemployed, the unemployment rate is
A) 5/100 × 100. B) 5/80 × 100. C) 5/75 × 100. D) There is not enough information provided to calculate the unemployment rate.