Which of the following would tend to make demand INELASTIC?
a. the amount of time analyzed is quite long
b. there are lots of substitutes available
c. the product is highly durable
d. the proportion of the budget spent on the item is very small
e. no one really wants the product at all
d
You might also like to view...
If the exchange rate changes from 1.10 euros per dollar to 1.00 euro per dollar, the dollar has
A) depreciated against the euro. B) appreciated against the euro. C) fallen inversely in value. D) appreciated against the dollar. E) depreciated against the dollar.
While falling prey to the seductive ways of Catwoman, Batman sacrifices the opportunity of protecting Gotham City from a crime spree initiated by the Joker. That foregone opportunity is a(n) ________ cost of (yet again) falling prey to Catwoman
A) monetary B) explicit C) sunk D) implicit
The famous saying, "There is no such thing as a free lunch" means
A) we do not live in a free country. B) the value of our dollar keeps declining. C) people face tradeoffs. D) people do not care about others enough.
Prior to the 1970s, the demand for money (M1 ) was
A) relatively stable. B) unpredictable. C) constant. D) unmeasurable.