Perfect planting and harvesting weather results in a record high crop of wheat. If wheat growers experience an increase in total sales revenue, then the demand for wheat must be
a. price-inelastic
b. unitary elastic
c. perfectly inelastic
d. price-elastic
e. perfectly elastic
A
Economics
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A sharp increase in the divorce rate increases the number of lawyers hired to determine divorce settlements. This will
A) decrease GDP and increase well-being in the economy. B) decrease GDP and decrease well-being in the economy. C) increase GDP and decrease well-being in the economy. D) increase GDP and increase well-being in the economy.
Economics
Market failure results in
A. inflation. B. Pareto optimality. C. waste. D. budget deficits.
Economics