An economist estimated the cross-price elasticity for peanut butter and jelly to be +1.5 . Based on this information, we know the goods are

Real Gross Domestic Product is

A) the amount of people unemployed divided by the total labor force. B) the productivity of labor. C) the most that can be produced when the economy's resources are fully employed. D) the value of total production linked back to the prices of a single year.

Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for blu-ray discs. Which panel best describes what happens in this market if there is a substantial increase in the price of blu-ray players?

A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)