Demand that is very sensitive to a change in price
a. demand curve
b. income effect
c. elastic
d. inferior good
Ans: c. elastic
Economics
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A good or service that is both rival and excludable is a:
A. public good. B. commons good. C. collective good. D. private good.
Economics
If the price elasticity of supply is equal to infinity and the price was to fall, the quantity supplied would:
A. decrease slightly. B. fall to zero. C. not change. D. increase.
Economics
Fixed exchange rates are fixed by
A. international speculators who manipulate the world’s currencies. B. international demand and supply. C. national governments. D. All of the above are correct.
Economics
A decrease in real GDP relative to the natural rate of output creates an expansionary gap
a. True b. False Indicate whether the statement is true or false
Economics