If the demand for orange juice is expressed as Q = 2000 - 500p, where Q is measured in gallons and p is measured in dollars, then at the price of $3, the demand curve
A) is elastic.
B) has a unitary elasticity.
C) is inelastic.
D) is perfectly inelastic.
A
You might also like to view...
Full employment means
A) zero unemployment. B) only cyclical unemployment exists. C) only frictional and structural unemployment exists. D) None of the above answers are correct.
Legislated federal government payments that anyone who qualifies can receive are called
A) controllable expenditures. B) a fiscal stabilizer. C) balanced expenditures. D) entitlements.
Suppose you read in the Irish daily the Dublin Telegraph that saving in Ireland in 2003 was precisely the intended investment Irish businesses had hoped to make. You would conclude that in 2003, the Irish economy was
a. not in equilibrium, and its national income fell b. not in equilibrium, and its national income rose c. in equilibrium, and its national income fell d. in equilibrium, and its national income rose e. in equilibrium, and no change occurred in its national income
International participants
A. Participate only in American product markets. B. Participate only in American factor markets. C. Take no part in American markets. D. Participate in both American factor markets and American product markets.