If price increases 6% and the quantity exchanged increases 4%, what does that tell us about the elasticity of demand?
a. Demand is elastic
b. Demand is unit elastic.
c. Demand is inelastic.
d. It tells us nothing about the elasticity of demand.
d
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Voluntary exchange is based on the principle that all parties must gain from trade
a. True b. False Indicate whether the statement is true or false
Other things the same, a country could move from having a trade deficit to having a trade surplus if either
a. saving rose or domestic investment rose. b. saving rose or domestic investment fell. c. saving fell or domestic investment rose. d. saving fell or domestic investment fell.
During periods of recession unemployment:
A. rates are the same for all groups of the working population. B. is less common. C. is uncorrelated to periods of recession. D. is more common.
Which of the following federal agencies is engaged in economic regulation?
A) Occupational Safety and Health Administration B) Federal Motor Carrier Safety Administration C) Food and Drug Administration D) Consumer Product Safety Commission