The demand curve in the figure above illustrates the demand for a product with a price elasticity of demand
A) equal to zero at all prices.
B) equal to infinite at all prices.
C) equal to one at all prices.
D) that is different at all prices.
D
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Which of the following statements about the importance of trade to the U.S. economy is false?
A) The U.S. economy is highly dependent on international trade for growth in its gross domestic product. B) Overall, about 20 percent of U.S. manufacturing jobs depend directly or indirectly on exports. C) The United States is the second largest exporter in the world. D) Since 1970, both exports and imports have steadily increased as a fraction of U.S. gross domestic product.
An increase in the price level shifts the aggregate demand curve to the left
Indicate whether the statement is true or false
Economists make the general assumption that:
A. people are rational, but their behavior doesn't always follow this assumption. B. people are irrational, but there are some correlations in behavior that have been proven. C. people are rational, but this doesn't really ever resemble reality. D. people are irrational, but this is too difficult to put into a model.
The act of selling an item in slightly altered forms at different prices and to different groups of consumers is known as
A) bundling. B) versioning. C) tie-in sales. D) lemons marketing.