Generally, expenses on toothpaste are a small part of a consumer's budget, so the demand for toothpaste is more likely to be
A) elastic.
B) inelastic.
C) unit elastic.
D) perfectly elastic.
Answer: B
You might also like to view...
The marginal product of labor is the
A) change in total product produced by hiring an additional unit of labor. B) total revenue divided by units of labor. C) extra revenue gained by selling one more unit of output produced by hiring additional units of labor. D) extra revenue gained by employing one more unit of labor.
Everything else held constant, a decrease in net taxes ________ aggregate ________
A) increases; demand B) decreases; demand C) decreases; supply D) increases; supply
An economy's potential level of output can be altered by changes in: a. the actual price level
b. the expected price level. c. aggregate demand. d. real GDP. e. its stock of capital.
The economizing problem is essentially one of deciding how to make the best use of
a. limited resources to satisfy limited wants. b. unlimited resources to satisfy limited wants. c. limited resources to satisfy virtually unlimited wants. d. unlimited resources to satisfy unlimited wants.