The demand for your product fell 66 percent when the price increased by 50 percent. This is an example of what type of demand?
a. Coefficient
b. New product
c. Unitary
d. Elastic
e. Inelastic
Answer: d. Elastic
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Thomas Malthus was an early nineteenth-century economist that created a model describing the relationship between:
A. population growth and war. B. population growth and birth control. C. population growth and crime. D. population growth and food production.
The U.S. federal government spends its revenues in a number of ways. Rank the following spending categories from largest to smallest
a. income security, health, national defense, net interest b. health, national defense, net interest, income security c. net interest, health, income security, national defense d. national defense, income security, net interest, health
Suppose both countries illustrated in Figure 35.1 specialized completely in the good they could produce with the lowest opportunity cost. What would the total production of motorcycles be?
A. 4,000. B. 8,000. C. 2,000. D. 3,000.
Suppose Chris is a potter who makes mugs. His total costs depend on the number of mugs he makes each day, as shown in the table below.Number ofMugs Per DayTotal CostPer Day0$101$142$193$254$325$406$49If the market for mugs is perfectly competitive, and mugs sell for $7.50 each, then Chris should make ________ mugs per day.
A. 5 B. 4 C. 0 D. 6