If price and total revenue vary in opposite directions, demand is:
A. perfectly inelastic.
B. perfectly elastic.
C. relatively inelastic.
D. relatively elastic.
Answer: D
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In the above figure, the best affordable point is
A) 8 hamburgers and 0 magazines. B) 0 hamburgers and 6 magazines. C) 4 hamburgers and 3 magazines. D) some combination that is not given above.
Price elasticity of demand is useful because it measures __________ responsiveness to changes in __________
a. taxpayers'; demand b. producers'; supply c. consumers'; price d. consumers'; demand e. producers'; income
When small changes in price lead to infinite changes in quantity demanded, demand is perfectly
a. elastic, and the demand curve will be horizontal. b. inelastic, and the demand curve will be horizontal. c. elastic, and the demand curve will be vertical. d. inelastic, and the demand curve will be vertical.
The federal expenditure category of net interest includes ______.
a. Social Security
b. payments to bond holders
c. employee wages
d. state and local grants