If the demand for cell phone service is inelastic, then
A) the percentage change in quantity demanded is greater than the percentage change in price (in absolute value).
B) the percentage change in quantity demanded is less than the percentage change in price (in absolute value).
C) the percentage change in quantity demanded is equal to the percentage change in price.
D) the quantity demanded does not change in response to changes in price.
B
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Welding has changed dramatically over the last decade with more welding jobs dependent on the use of computers
This change increased the demand for welders with computer skills and decreased the demand for welders who lack these skills and is an example of when technology is a ________ to a high-skilled job and a ________ to a low-skilled job. A) complement; substitute B) complement; complement C) substitute; complement D) substitute; substitute
Why is a point below the production possibilities curve less efficient than a point on that curve?
What will be an ideal response?