Which of the following statements about the 2000 average wages of blacks and Hispanics compared to whites is most accurate?
a. African Americans earn about the same was whites but Hispanics earn about 70% of what whites earn.
b. African Americans earn about 70% of what whites earn, while Hispanics earn about 75% of what whites earn.
c. Hispanics earn about the same was whites but African Americans earn about 70% of what whites earn.
d. African Americans and Hispanics earn less than half of what whites earn.
b. By 2000, African Americans earn an average of about 70% of what whites earn, while Hispanics earn an average of about 75% of what whites earn.
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In order to ensure consistency across goods and services, elasticities should always be calculated based on absolute changes in quantity demanded
Indicate whether the statement is true or false
The long-run supply curve of an industry equals the industry's
a. long-run marginal cost curve. b. the horizontal sum of all firms' supply curves at any point in time. c. long-run average cost curve. d. long-run total variable cost curve.