If the price of lunch at the school cafeteria increases and cafeteria revenue remains constant, the elasticity of demand for a school lunch must be
What will be an ideal response?
unit elastic.
You might also like to view...
If a firm did not have any fixed costs at all, then the ATC curve would be
a. the same as the AVC curve. b. horizontal. c. positive and linear. d. none of these.
A country that has demonstrated the ability to catch up to the technology leaders by investing in both physical and human capital is called
a. a dependent economy. b. a converging economy. c. an advancing economy. d. a predatory economy.
The actual multiplier for the U.S. economy is estimated to be
a. about 10. b. approximately 5. c. between 3 and 4. d. less than 2.
An economy's natural rate of unemployment refers to the amount of unemployment that the economy normally experiences
a. True b. False Indicate whether the statement is true or false