A 10 percent increase in buyers' incomes results in a 5 percent drop in the quantity of hot dogs demanded. In this range, the income elasticity of demand for hot dogs is

Patents, tariffs, and quotas are all examples of

A) entry barriers that protect consumers. B) entry barriers that improve a country's standard of living. C) government-imposed barriers. D) economic regulations that increase efficiency.

For a perfectly competitive firm, which of the following is NOT true?

A) The average revenue curve, the demand and the marginal revenue curves are identical. B) The total revenue curve begins at the origin and slopes upward as output increases. C) The slope of the total revenue curve is equal to the product price. D) The total revenue curve is horizontal.