Refer to the scenario above. Which of the following is true of the demand curve of the product in the price range of $4 to $5?
A) The demand curve is elastic.
B) The demand curve is inelastic.
C) The demand curve is horizontal.
D) The demand curve is upward sloping.
A
Economics
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What is a price ceiling often used for?
a. services used by high-income families b. goods used by low-income families c. services used by middle-income families d. goods used by middle-income families
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An aggregate supply curve that slopes upward must be:
A. an individual industry's supply curve. B. a long-run curve. C. an individual firm's supply curve. D. a short-run curve.
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