The price elasticity of demand measures how much
a. quantity demanded responds to a change in price.
b. quantity demanded responds to a change in income.
c. price responds to a change in demand.
d. demand responds to a change in supply.
a
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The firm becomes the dominant organization type whenever
a. markets exist b. markets don't exist c. the net value of centralized, organized production exceeds the net value of market-arranged production d. the net value of market-arranged production exceeds the net value of centralized, organized production e. private enterprise eliminates shirking
Which of the following is not correct?
a. The slope of a line will be a small positive number for a fairly flat upward-sloping line. b. The slope of a line will be a large positive number for a steep upward-sloping line. c. The slope of a line will be a negative number for a downward-sloping line. d. The slope of a line will be infinite for a horizontal line.