The price elasticity of demand for insulin is:
A. likely to be perfectly inelastic over some range of prices.
B. perfectly elastic.
C. low relative to the supply.
D. a large portion of someone's income.
Answer: A
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When demand is ________, a decrease in price ________ total revenue
A) elastic; decreases B) inelastic; decreases C) unit elastic; increases D) elastic; does not change
In perfect competition, if one firm raises its price,
a. others will follow b. that firm will increase its revenues c. that firm will lose revenues because other firms will not follow d. all consumers will be adversely affected e. the market demand curve will shift
As a fishing firm hires its first, second, and third workers, it could find that marginal product actually rises. The reason for this is:
a. diminishing returns have set in. b. the division of labor creates greater productivity. c. the firm has hired another boat. d. all tasks are shared by all workers. e. less qualified workers are becoming available.
When is debt financing most likely to harm future generations of Americans?
a. When the debt is held by domestic investors. b. Any time the debt is held by foreign investors. c. When the debt is held by foreign investors and the funds are channeled into productive investment projects. d. When the debt is held by foreign investors and the funds are used to finance either current consumption or unproductive investments.