Employing the information in Figure 3-2 above, when real disposable income is 1000, savings from households would be ________ and the marginal propensity to save would be ________

In the above figure, if the price is $12, a profit-maximizing perfectly competitive firm will have an economic profit

A) of less than $100 but more than $0. B) of more than $100. C) that is negative, that is, it will have an economic loss. D) of zero, that is, it will break even with a normal profit.

If the demand elasticity for corn is -0.5, then a 5% increase in the quantity demanded to the market will result in a price change of

A. +5% B. +10% C. -5% D. -10%