If you observed that the market price of a good rose, while the quantity exchanged fell, which of the following could have caused the change?
a. An increase in supply.
b. A decrease in supply

Economists use elasticity to measure the responsiveness of quantity to a change in price rather than the slope of the demand curve because elasticity is

A) independent of the units of measurement. B) dependent on the units of measurement. C) easier to calculate. D) harder to calculate. E) always negative whereas the slope is always positive.

Suppose you are an attorney, and you are defending a client in a wrongful death suit

The deceased was a pilot for an aerial acrobatics team, and the opposing attorney has prepared an an estimate of the value of lost income that includes the mortality rate for all pilots. You should argue that the attorney's estimate of lost earnings is too ________ because the mortality rate for aerial acrobats is ________ than for other types of pilots. A) low, lower B) low, higher C) high, lower D) high, higher