Use the following two statements to answer this question: I. The price elasticity of demand is constant along the entire length of a linear demand curve. II
The price elasticity of demand is the special name that economists give to the slope of a demand curve. A) I and II are true.
B) I is true, and II is false.
C) I is false, and II is true.
D) I and II are false.
D
You might also like to view...
An economy that contains both perfect and imperfect competition and both regulated and non regulated industries is known as a
a. traditional economy. b. mixed economy. c. market economy. d. conglomerate economy.
"A shortage is the same thing as scarcity." Do you agree or disagree with this statement? Why? What can cause a shortage to disappear in a market? What can cause scarcity to disappear?
What will be an ideal response?
For markets operating at quantities lower than the equilibrium quantity produced in an equivalent perfectly competitive market:
A. the outcome is efficient. B. total surplus is increased. C. consumer surplus is always increased. D. total surplus for society is reduced.
Nominal wages are assumed fixed in the short run because: a. workers have wages stated in their contracts
b. of minimum wage laws. c. workers are unaware of short-run changes in their real wages. d. all of the above are true. e. none of the above are true.