In the later part of the twentieth century, the price of crude oil began to increase after decades of relatively steady prices, which of the following could explain this phenomenon?
A) Worldwide reserves have been increasing.
B) Worldwide demand has been increasing.
C) Global warming
D) Extraction technology has been degrading.
B
Economics
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Refer to the figure above. The optimal price charged by the monopolistic competitor is ________
A) P1 B) P2 C) P3 D) P4
Economics
The price elasticity of demand for labor equals
A) the percentage change in the price of labor divided by the percentage change in the supply of labor. B) the change in the quantity demanded of labor divided by the change in the price of labor. C) the slope of the demand curve for labor. D) the percentage change in the quantity demanded of labor divided by the percentage change in the price of labor.
Economics