When the price of headphones decreases by 12 percent, the quantity that sellers are willing and able to sell decreases 16 percent. This example shows price elasticity of ______.
a. deflation
b. revenue
c. supply
d. demand
c. supply
Economics
You might also like to view...
If the price of a good increases and the total revenue also increases, the good has a(n)
A) elastic demand. B) inelastic demand. C) unit elastic demand. D) perfectly elastic demand.
Economics
Direct controls are considered inefficient because all firms are forced to pay the same costs
a. True b. False Indicate whether the statement is true or false
Economics
The Supreme Court's "rule of reason"
A. has been applied since the time of the Civil War. B. was applied from 1911 to 1945. C. has been applied since 1945. D. has been applied since 1970.
Economics
Suppose demand is given by Qxd = 50 ? 4Px + 6Py + Ax, where Px = $4, Py = $2, and Ax = $50. What is the quantity demanded of good x?
A. 46 B. 96 C. 72 D. 50
Economics