Demand is inelastic if the price elasticity of demand is greater than 1
a. True
b. False
Indicate whether the statement is true or false
False
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Shontae wants to start a pet hotel and is thinking of setting it up as a partnership with her sister Victoria
What are the advantages and disadvantages she will face by setting up the business as a partnership as opposed to a sole proprietorship or a corporation?
All of the following are possible private-sector adjustments to an increase in the government's budget deficit except
A) increasing private savings. B) decreasing investment. C) decreasing expenditures on transfer programs. D) increasing the trade deficit by increasing imports and/or decreasing exports.
Product differentiation makes the demand for a monopolistically competitive firm's product:
a. perfectly elastic. b. more elastic than for a monopoly. c. more inelastic than for a monopoly. d. perfectly inelastic.
The short-run Phillips Curve is _________, and the long-run Phillips Curve is ________.
A. downward sloping; vertical B. downward sloping; horizontal C. upward sloping; vertical D. upward sloping; horizontal