If the quantity demanded changes by a relatively small amount for a given change in price, then demand is
A) perfectly inelastic.
B) perfectly elastic.
C) elastic.
D) inelastic.
D
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The resource income earned by those who supply ________ is called wages
A) labor B) natural resources C) entrepreneurship D) capital
If John says the price of gasoline is too high and Paul says prices are determined by the action of the marketplace, then John has made a(n):
a. positive economic statement, and Paul has made a normative economic statement b. positive economic statement, and Paul has made a positive economic statement c. normative economic statement, and Paul has made a normative economic statement d. normative economic statement, and Paul has made a positive economic statement e. improper economic statement, and Paul has made a proper economic statement
What organization emerged from the GATT, starting January 1, 1995, with expanded responsibilities and global interaction?
a. the Doha round b. the World Trade Organization c. the United Nations d. the Institute for International Economics
An economist observes that a pharmaceutical company is sponsoring a diabetes clinic and providing free medications. She concludes that the pharmaceutical company is reducing short-term profits for the possibility of higher long-term profits. This economist is most likely a(n):
A. irrational economist. B. behavioral economist. C. traditional economist. D. engineering economist.