Demand is inelastic only if
a. price elasticity has an absolute value of 1
b. price elasticity has an absolute value greater than 1
c. price elasticity has an absolute value less than 1
d. price elasticity is negative
e. consumers do not respond to a change in price
C
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What causes the labor demand curve to shift? List three factors that can cause the labor demand curve to shift rightward?
What will be an ideal response?
Tony spends $36 per month on cookies. For him, chocolate chip cookies and peanut butter cookies are perfect substitutes. Chocolate chip cookies are $4 per dozen and peanut butter cookies are $3 per dozen
How many dozen of each type of cookie will Tony buy in a given month if he wants to maximize his utility?
Which actor in the simplified circular flow model buys or rents land, labor, and capital?
A. Government B. Markets for factors of production C. Households D. Firms
The short-run individual firm's supply curve is made up of the zero-profit equilibrium levels of output as the industry expands due to entry.
Answer the following statement true (T) or false (F)