The manufacturing unit of a local LED bulb producing company reports a daily output of 450 bulbs with 50 units of labor. When the 51st worker is hired, production increases to 475 bulbs, and when the 52nd worker is hired, production increases to 490 bulbs. This is an example of:
a. a deadweight loss

When Ronald takes another economics class, other people in society benefit. The benefit to these other people is called the marginal ________ benefit of the class

A) social B) private C) external D) Coasian E) extra

When Johanna cut prices in her jewelry store by 20 percent, the dollar value of her sales fell by 20 percent. This indicates that

a. demand was elastic. b. demand was inelastic. c. demand was unit elastic. d. the demand curve was vertical.