The price of a new electronic toy increases from 16 to 24 and the quantity demanded decreases from 1,050 to 950 per month as a result. Based on this information, the price elasticity of demand (in absolute terms) is estimated to be equal to:
a. 5.00
b. 4.00
c. 0.75
d. 0.25
Question 2
_____ school of thought would most likely be associated with the statement: When wages are rigid, changes in output result in small changes in goods market prices and a relatively flat aggregate supply curve..
a. The traditional Keynesian
b. The modern Keynesian
c. The Monetarist
d. The classical
e. The new classical
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