Refer to the diagrams. The demand for Firm B's product is:
A. perfectly elastic over all ranges of output.
B. perfectly inelastic over all ranges of output.
C. elastic for prices above $4 and inelastic for prices below $4.
D. inelastic for prices above $4 and elastic for prices below $4.
C. elastic for prices above $4 and inelastic for prices below $4.
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What event in 2009 ignited the euro crisis?
What will be an ideal response?
Many theaters sell empty seats at a deep discount just before show time. What economic concept is displayed by this behavior?
A. Consumer demand B. Sunk costs C. Price optimization D. Thinking at the margin
When graphing the demand curve:
A. both quantity and price go on the horizontal axis. B. quantity goes on the vertical axis and price goes on the horizontal axis. C. it doesn't matter which axis price and quantity are placed on. D. quantity goes on the horizontal axis and price goes on the vertical axis.
Which of the following will not cause a shift in the demand curve for DVDs?
A. a change in wealth B. a change in the price of DVDs C. a change in the price of Blu-ray discs D. a change in income