If the demand for a good is determined to be "elastic," then the elasticity measure
A) is greater than 1.0.
B) is equal to 1.0.
C) is less than 1.0.
D) is infinite.
A
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Figure 18.1Refer to Figure 18.1. The opportunity cost of hang gliders in the United States is:
A. 1/4 of a bicycle. B. 1/3 of a bicycle. C. 3 bicycles. D. 4 bicycles.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same. B. at any of the labeled points, as all of the points represent an efficient allocation of resources. C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced. D. indeterminate from this information, as we don't have any information about the society's desires.