If the price elasticity of demand coefficient equals 2 then:

Since it is always a negative number, economists use the convention of dropping the negative sign from:

The long run is a planning period:

Seller A has an upward-sloping supply curve and is willing to supply 400 units of a commodity at a price of $5 per unit. Seller A is now willing to supply 500 units at a price of $5 per unit. Evidently, seller A has experienced a(n):

If the government wants to raise tax revenue and shift most of the tax burden to the sellers it would impose a tax on a good with a:

Suppose that the price of telephones decreases. If more are purchased then:

The law of demand indicates that as the price of a good increases:

Two goods are complementary if:

Exhibit 3-19 Supply and demand curves ​ ​ Beginning from an equilibrium at point E2 in Exhibit 3-19, an increase in demand for good X, other things being equal, would move the equilibrium point to:

The horizontal summation of all individual demands at different given prices results in the: