When interest rates go up, people are
a. More likely to borrow
b. Less likely to borrow
c. Does not affect a person's consumption
d. None of the above
b
Economics
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If demand is given by Q = Ap-b where A and b are positive constants, the absolute value of price elasticity of demand
A) = b. B) = A. C) = A/b. D) depends on the price.
Economics
When deciding whether to hire an additional worker, firms need only consider how the additional worker would affect
a. costs. b. revenues. c. output. d. profit.
Economics