The absolute price elasticity of demand for a product for which annual expenditures make up a very small share of a typical consumer's budget is probably
A) less than 1.
B) equal to 1.
C) greater than 1.
D) infinity.
Answer: A
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Which of the following would not shift the supply curve for halibut?
a. a reduction in the number of available fishing boats b. unusually stormy weather during fishing season c. the development of innovative new fishing equipment that makes it easier to catch halibut d. an increase in the price of halibut
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Fill in the blank(s) with the appropriate word(s).