A demand relationship in which a given percentage change in price will result in a larger percentage change in quantity demanded is
A. elastic.
B. unit-elastic.
C. inelastic.
D. consistent with zero elasticity.
Answer: A
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Generally, people are more satisfied with private market outcomes than with public voting outcomes because
a. each consumer in the private market can choose the quantity he or she desires b. most people are near the median c. the prices are lower d. markets are involuntary e. there are too many choices to make in the public sector
An increase in the supply of loanable funds, other things constant, will increase the interest rate
a. True b. False Indicate whether the statement is true or false
Economists typically measure efficiency using
a. the price paid by buyers. b. the quantity supplied by sellers. c. total surplus. d. profits to firms.
Suppose the given supply and demand tables reflect the supply and demand for milk per week. At a price of $1, there is a:Price(per gallon)Quantity demanded (gallons per week)Quantity Supplied (gallons per week)$12,0001,000$21,5001,500$31,0002,000$45002,500
A. shortage of 2,500 gallons per week. B. surplus of 500 gallons per week. C. surplus of 1,000 gallons per week. D. shortage of 1,000 gallons per week.