Suppose that you allow yourself $50 per month to spend on compact disks. You spend exactly this much every month regardless of the price of compact disks. Therefore, your demand for CDs
a. is elastic
b. is inelastic
c. is unit elastic
d. cannot be characterized unless we know the price of a disk
e. cannot be characterized unless we know the price and quantity of compact disks purchased
C
You might also like to view...
The table above shows the total product schedule for Rick's Lawn Service, a yard care company. Decreasing marginal returns start to occur after the ________ worker is hired
A) first B) fourth C) fifth D) sixth E) third
If Jill's MRS of popcorn for candy is 2 (popcorn is on the horizontal axis), Jill would willingly give up:
A) 2, but no more than 2, units of popcorn for an additional unit of candy. B) 2, but no more than 2, units of candy for an additional unit of popcorn. C) 1, but no more than 1, unit of candy for an additional 2 units of popcorn. D) 2, but no more than 2, units of popcorn for an additional 2 units of candy.
Financial instruments used primarily to transfer risk would not include:
A. home mortgages. B. a bank loan. C. options. D. an insurance policy.
Exhibit 14-1 Aggregate supply curve
?
In Exhibit 14-1, there are plenty of idle resources and no upward pressure on prices in:
A. the segment labeled ab. B. the segment labeled bc. C. the segment labeled cd. D. both segment bc and segment cd.