If national income is $100 billion, and MPC = 0.75, then autonomous consumption is ________ and MPS is ___________

Along a straight-line downward-sloping demand curve, elasticity is

a. constant, but its value cannot be determined without measurement b. constant and equal to an absolute value of one c. greater at higher prices d. greater at lower prices e. greater in the middle

Firms in a perfectly competitive market cannot influence

a. the quantity of the good that they produce b. how much labor to use in production c. how much capital to employ in production d. the level of advertising that they use e. the price of the product they sell