Suppose the quantity demanded is 1,000 million bushels of peaches per year when the price is $3 per bushel and 1,500 million bushels when the price is $1 per bushel. The price elasticity of demand in this range of the demand curve is:

In the circular flow model, households supply resources such as labor services in the product market

Indicate whether the statement is true or false

Suppose that a study is released stating that the fewer books people read, the more velvet paintings they tend to own. This is best described as an example of

A. positive correlation. B. negative correlation. C. positive causation. D. negative causation.