If the price elasticity of demand is 1.3, demand is:
A. upward sloping.
B. inelastic.
C. unit elastic.
D. elastic.
Answer: D
You might also like to view...
Items bought by individuals to provide personal enjoyment are termed
A) consumption goods. B) personal goods. C) consumption or investment goods. D) standard goods. E) pleasure goods.
Which of the following is an example of a way in which an oligopolistic firm can escape the prisoner's dilemma?
A) advertising that it will match its rival's price B) ignoring the pricing decisions of the other firms C) producing more of its product D) reneging on a previous tacit agreement with rival firms to charge identical high prices
Bank A has checkable deposits of $140 million, vault cash equaling $1 million and deposits at the Fed equaling $14 million. If the required reserve rate is ten percent what is the amount of excess reserves Bank A is holding?
A. $2 million B. $1 million C. It does not have any excess reserves D. $15 million
The average consumer spends ___ days shopping for airline tickets
Fill in the blank(s) with the appropriate word(s).