If the slope of a demand curve is equal to -0.1 then
A) the demand is elastic at low prices and inelastic at high prices.
B) as price increases by 10 percent quantity demanded decreases by 1 percent.
C) we don't know whether the demand is elastic or inelastic.
D) demand is inelastic.
C
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A few sellers may behave as if they operate in a perfectly competitive market if the market demand is:
A) highly inelastic. B) very elastic. C) unitary elastic. D) composed of many small buyers.
An example of a shortage is limited amounts of
What will be an ideal response?
Rent is defined as
A. the cost of using land. B. the difference between revenues received for a product less the costs of inputs other than entrepreneurship. C. the payments to an input less the amount needed to induce the factor to be supplied. D. the cost of using factor inputs.
The level of aggregate supply in the long run is not affected by
A) changes in technology. B) changes in the capital stock. C) changes in the price level. D) changes in the number of workers.