If the income elasticity of demand for a service is 0.6, then a 5 percent increase in income will generate a __________ in quantity demanded

The above table shows the total product schedule for the campus book store. When the book store is selling 60 books per hour it is certain that

A) marginal costs are increasing, but average variable costs are still decreasing. B) both marginal and average costs are decreasing. C) both marginal and average costs are increasing. D) hiring one more employee per hour will lead to fewer books being sold.

In 2009, household spending was the smallest component of total spending in the U.S. economy

a. True b. False Indicate whether the statement is true or false