Change in the price of a good causes the demand schedule for that good to shift.
Answer the following statement true (T) or false (F)
False
You might also like to view...
If demand is inelastic
A) then a 1% increase in price leads to a fall in quantity of greater than 1%. B) then a 1% increase in price leads to a fall in quantity of less than 1%. C) then a 1% increase in price leads to a fall in quantity of 1%. D) then a 1% increase in price leads to a rise in quantity of less than 1%.
Medicare subsidizes or provides health care to the poor and medicaid provides health care to the elderly
a. True b. False Indicate whether the statement is true or false
Critics of the Keynesian view of closing a recessionary gap argue that
a. Keynesians fail to appreciate the self-correcting nature of the economy b. government spending is virtually cost-free because resources are unemployed c. deficit financing places no burden on the economy d. public works programs never continue beyond their usefulness e. deficits are always needed to stimulate the economy
When price is $8
A. quantity demanded is greater than quantity supplied and, therefore, price must fall to get to equilibrium price.
B. quantity demanded is greater than quantity supplied and, therefore, price must rise to get to equilibrium price.
C. quantity supplied is greater than quantity demanded and, therefore, price must fall to get to equilibrium price.
D. quantity supplied is greater than quantity demanded and, therefore, price must rise to get to equilibrium price.