Cross elasticity is defined as the ________________.
A. percentage change in price of a one good (A), divided by the percentage change in the quantity demanded of a related good (B)
B. percentage change in quantity demanded for one good (A), divided by the percentage change in the price of a related good (B)
C. percentage change in quantity demanded for one good (A), divided by the percentage change in the price of that good (A)
D. change in quantity demanded for one good (A), divided by the change in the price of a related good (B)
B. percentage change in quantity demanded for one good (A), divided by the percentage change in the price of a related good (B)
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In an increasing-cost industry, the long-run market supply curve is
a. horizontal b. vertical c. upward sloping d. downward sloping e. nonexistent
Per capita GDP will definitely fall if
A. There is a decrease in the size of the working population. B. The population falls. C. The rate of economic growth falls. D. The rate of economic growth is less than the rate of population growth.