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1. When the percentage change in the quantity demanded is less than the percentage change in? price, then demand is
A. elastic.
B. irrelevant.
C. inelastic.
D. undefined.
E. unit elastic.
2. Assume the cost of certain inputs used to produce artificial Christmas trees increases? and, at the same? time, the economy moves into a? recession, causing the incomes of consumers to decrease. Which of the following will happen to the equilibrium price and quantity of artificial Christmas? trees? (Assume artificial Christmas trees are normal? goods.)
A. Quantity will? decrease; price cannot be determined.
B. Price will? decrease; quantity cannot be determined.
C. Quantity will? increase; price cannot be determined.
D. Price will? increase; quant
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Explain how it is that in international trade countries with high wages, such as Germany and the US, are able to compete against countries where wages are lower, such as China and Bangladesh.
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If nominal GDP decreases this will:
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Suppose that the demand for orange increases. Carefully explain how the rationing function of price will restore market equilibrium.
There are linkages between the microeconomic decisions made by managers and the macroeconomic environment. There are numerous examples from the current recession of company layoffs at the micro level, directly influenced by the decline in economic ac..
A manufacturer makes two products. The price functions for the two products are. Assuming that the demand curve is a straight line, and that 600,000 dollars and 350 are the equilibrium price and quantity, find the consumer surplus at the equilibrium ..
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