A change in price that has relatively little effect on quantity demanded is called elastic demand
Indicate whether the statement is true or false
false
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Large and long-continued increases in the demand for electricity will tend to result in
A) a higher cost of generating electricity. B) a higher price for electricity but no increase in the cost of generating it. C) a reduction in the quantity of electricity demanded as a consequence of higher prices. D) an increase in the quantity of electricity demanded and hence a decrease in its price.
Deadweight losses are associated with monopolistic competition:
a. In the short run, but not the long run b. In the long run, but not the short run c. In both the short and long run d. In neither the short run nor the long run
A characteristic of a public good is that a public good is provided
A) to some businesses, but not to others. B) only in some states. C) to low income residents in some states. D) to many individuals at no additional cost.
Changes in demand are caused by each of the following except
A. changes in income. B. changes in the prices of related goods and services. C. changes in tastes and preferences. D. changes in supply.