If a 5 percent change in the price of a good leads to a 10 percent change in the quantity supplied, then the supply of the good is ________ and the elasticity of supply is ________

Menu costs are the:

a. cost of changing interest rates. b. cost of converting currencies. c. cost of changing prices. d. cost of changing exchange rates.

It is estimated that, on the average and ________, union wages are ________ because ________

A) taking account of skill differentials; 30 percent higher than nonunion wages; union workers are better qualified than nonunion workers B) without taking account of skill differentials; equal to nonunion wages; differentiating based on union membership is discrimination and illegal C) without taking account of skill differentials; 15-20 percent higher than nonunion wages; employers are biased against nonunion workers D) taking account of skill differentials; 30 percent higher than nonunion wages; in some industries union workers perform jobs that require greater skill than nonunion workers and employers show bias against nonunion workers E) without taking account of skill differentials; 30 percent higher than nonunion wages; in some industries union workers perform jobs that require greater skill than nonunion workers