Which of the following describes a situation in which demand must be elastic?
a. The price of pens rises by 10 cents, and quantity of pens demanded falls by 50.
b. The price of pens rises by 10 cents, and total revenue rises.
c. A 20 percent increase in the price of pens leads to a 20 percent decrease in the quantity of pens demanded.
d. Total revenue does not change when the price of pens rises.
e. Total revenue decreases when the price of pencils rises.
E
Economics
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Discouraged workers are included in the
a. labor force category. b. unemployed category. c. not in the labor force category. d. employed category.
Economics
A decrease in the marginal cost arising from a less complex specialized investment environment will cause the optimal contract length to:
A. remain constant. B. increase. C. decrease. D. either increase or decrease.
Economics