The price elasticity of demand for kale in Texas is -2, and the price elasticity of demand for kale in California is -0.5. In other words, demand in Texas is ________, and demand in California is ________.
A. inelastic; unit inelastic
B. elastic; inelastic
C. inelastic; elastic
D. elastic; unit elastic
Answer: B
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An important foundation of the new growth theory is that
A) we will get more technological advances when the rewards for producing them are greater. B) the growth rate of the capital stock is more important than the growth rate of new knowledge in generating economic growth. C) we will get more technological advances the more the government is involved. D) improvements in labor productivity are poor measures of technological growth.
Which of the following is not a recent development in the agricultural industry in the United States?
a. smaller farms b. extensive use of chemical fertilizers c. decreased number of farms d. increased productivity per farm e. larger output per acre
If financial turmoil overseas reduces U.S. net exports, then those in favor of "lean against the wind policies" would advocate
a. decreasing the money supply and cutting taxes. b. decreasing the money supply and raising taxes. c. increasing the money supply and cutting taxes. d. increasing the money supply and raising taxes.
Nearly one-fifth of China's 1.38 billion people are under the age of 15. How will this affect high school enrollment over the next fifteen years? The labor market over the next fifteen years?
What will be an ideal response?