When quantity is measured in gallons, the price elasticity of demand for milk will be __________ the price elasticity when quantity is measured in quarts
a. the same as
b. four times
c. one quarter
d. two times
e. less than
A
You might also like to view...
An increase in the proportion of the population that is unemployed above the normal rate is best represented in Figure 1.3 and using PP1 by a movement from point
A. E to point D. B. C to point D. C. C to point A. D. D to point C.
Refer to the graph below.
Point A represents a price of:
A. 5 and a quantity of 3. B. 3 and a quantity of 3. C. 5 and a quantity of 5. D. 3 and a quantity of 5.
A trade-off between unemployment and inflation is reflected in the
A. Phillips Curve. B. natural rate of unemployment. C. economic stability. D. nonaccelerating inflation rate of unemployment (NAIRU).
The long-run supply curve under pure competition is derived by observing what happens to market price and quantity when market:
A. Demand changes, and all consequent long-run adjustments have occurred B. Supply changes, and all consequent long-run adjustments have occurred C. Technology changes, and all consequent long-run adjustments have occurred D. Regulation changes, and all consequent long-run adjustments have occurred