Suppose that the quantity of root beer demanded declines from 103,000 gallons per week to 97,000 gallons per week as a consequence of a 10 percent increase in the price of root beer. The price elasticity of demand is

When a firm is at its minimum efficient scale of operation, it produces the

A. minimum rate of output consistent with lowest long-run marginal cost. B. minimum rate of output at which long-run average cost is minimized. C. maximum rate of output at which long-run average cost is minimized. D. maximum rate of output consistent with lowest long-run marginal cost.

The knowledge and skill that make for a productive worker are referred to by economists as:

What will be an ideal response?