If the quantity demanded of a certain good responds only slightly to a change in the price of the good, then the
a. demand for the good is said to be elastic.
b. demand for the good is said to be inelastic.
c. law of demand does not apply to the good.
d. demand curve for the good shifts only slightly in response to a change in price.
b
You might also like to view...
When the price of popcorn falls, before there is any change in consumption, the
A) marginal utility of popcorn definitely increases. B) marginal utility per dollar from popcorn definitely increases. C) total expenditure on popcorn definitely rises. D) entire total utility of popcorn curve definitely shifts rightward.
Firms in an oligopoly market can potentially earn economic profits.
a. ?In the short run, but not the long run. b. ?In the long run, but not the short run. c. ?In both the short run and long run d. ?In neither the short run nor the long run
The increase in the quantity of labor supplied in response to a higher wage is called the:
A. price effect. B. labor effect. C. income effect. D. substitution effect.
The price elasticity of demand is defined as the percentage change in price divided by the percentage change in quantity demanded
a. True b. False Indicate whether the statement is true or false