If the price elasticity of demand is computed for two products, and product A measures .79, and product B measures 1.6, then:
a. product A is more price elastic than product B.
b. product B is more price elastic than product A.
c. consumers are more sensitive to price changes in product A than in product B.
d. product B is more price inelastic than product A.
e. products A and B must be substitutes.
b
Economics
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The table above shows the marginal costs and marginal benefits of college education. If the market for college education is perfectly competitive and unregulated, at the equilibrium quantity, the marginal external benefit is
A) zero. B) $5,000. C) $4,000. D) $8,000.
Economics
The slowdown in U.S. economic growth in the period 1974-95 was primarily caused by ________
A) falling labor growth B) falling capital growth C) falling productivity growth D) none of the above
Economics