If the price elasticity of demand is equal to zero and the price was to rise, the quantity demanded would:
A. decrease slightly.
B. fall to zero.
C. not change.
D. increase.
Answer: C
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Refer to the table above. If government expenditure increases by $2,000 in the next year, ________, all other variables remaining unchanged
A) gross domestic product will increase to $404,000 B) gross domestic product will fall by $ 2,000 C) gross domestic product will fall to $400,000 D) gross domestic product will increase by $2,000
In game theory, a Nash equilibrium is the equilibrium that always yields the best result
Indicate whether the statement is true or false
The MRP curve for labor generally expresses
A. a particular firm's demand for labor. B. the entire industry's demand for labor. C. the entire economy's demand for labor. D. None of the choices are correct.
Answer the following statements true (T) or false (F)
1. In the U.S. in 2010, the top 1% of households held 35% of total wealth - leaving 65% of wealth to the remaining 99% of households. 2. Differences in skills or ability are one major reason for income differences in the United States. 3. The unequal distribution of wealth among households in the United States is one of the causes of income inequality. 4. During the past thirty-five years or so, the degree of income inequality in the United States has decreased considerably. 5. If income inequality is increasing, it means that the income levels of the poor are falling while the income levels of the rich are rising.