Refer to the data. At the point where 3 units are being sold, the coefficient of price elasticity of demand:
A. cannot be estimated.
B. suggests that the market is purely competitive.
C. is less than unity (one).
D. is greater than unity (one).
D. is greater than unity (one).
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If half of all unemployed individuals suddenly gave up looking for work, the unemployment rate would ________ and the labor force participation rate would ________
A) decrease; decrease B) decrease; increase C) increase; decrease D) increase; increase E) There is not enough information to answer this question.
When a binding price floor is imposed on a market, a. price no longer serves as a rationing device
b. the quantity supplied at the price floor exceeds the quantity that would have been supplied without the price floor. c. only some sellers benefit. d. All of the above are correct.