What is the difference between the average cost per unit for 5 units and the marginal cost of the 5th unit?

The percentage change in the quantity demanded in response to a percentage change in the price is known as the

A) slope of the demand curve. B) excess demand. C) price elasticity of demand. D) All of the above.

If the CPI was 101.7 in 2006 and 101.5 in 2007, it can be concluded that

a. 2001 was the base year b. all goods were more expensive in 2007 than in 2006 c. all goods were less expensive in 2007 than in 2006 d. all goods were less expensive in 2006 than in 2007 e. the price level fell from 2006 to 2007