If the price elasticity of demand is greater than 1, then consumer demand is
A) unrelated to the elasticity of demand.
B) inelastic.
C) elastic.
D) unitary elastic.
C
You might also like to view...
In the prisoner's dilemma game, each player's dominant strategy is also the Nash equilibrium
Indicate whether the statement is true or false
When economists describe preferences, they often use the concept of
a. markets. b. income. c. utility. d. prices.
Table 21.4Output (Units per Day)Total Cost (Dollars per Day)016130242358478For the output levels in Table 21.4, the minimum of the average variable cost curve occurs at a production rate of
A. Zero units per day. B. 4 units per day. C. 2 units per day. D. 3 units per day.
Regarding the law of supply, which of the following statements is correct?
A. The ceteris paribus assumption does not apply. B. As the price of a good or service rises, the quantity supplied will decrease. C. As demand falls, supply rises. D. As the price of a good or service rises, the quantity supplied will increase.