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If the price elasticity of demand is 3.5, what does this imply about the demand for the product?

Zero elasticity (also known as perfect inelasticity), when a change in percentage in price has zero change in quantity, has a horizontal demand curve. 

Between necessities and luxury items, which are more inelastic? Why?

Imagine that because of a shift in the perceptions of foreign investors, the supply curve shifts so that there will be $10 million less supplied at every interest rate. Calculate the new equilibrium interest rate and quantity, and explain why the direction of the interest rate shift makes intuitive sense.

What is a market where the buyers and sellers make transactions in violation of one or more government regulations?

Based on this Production Possibilities Frontier (PPF) of Healthcare and Education, points A – F on the curve are _____. One of these points best represent what society desires, also known as _____.

Below is  price schedule information on the demand and supply of pop-up tents, where the quantities of tents are measured in thousands. If the price was $120, what would the difference in quantities demanded and supplied be? Would a shortage or surplus exist? At what price point does an equilibrium exist?

The concept that shows us where our maximum spending is (and we cannot go past this) is known as a:

A supply curve is ______ sloping, meaning as the price and supply have an _____ relationship.

As prices increase, demand will ______. As prices decrease supply will ______.