Picture a linear downward-sloping demand curve. The price elasticity of demand
a. remains the same for all price ranges on that demand curve
b. varies among the price ranges on that demand curve
c. varies but is always greater than one whatever the price range on that demand curve
d. is always 1.0 for any price range where the price difference is $1, such as $10 and $9
e. is always zero
B
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When Ben Bernanke referred to the exit strategy of the Fed, he was referring to:
A) his plans to retire as chair of the Fed B) when the Fed would stop implementing monetary policy C) the process by which the Fed would shrink its balance sheet D) increasing the federal funds rate back to where it was prior to the financial crisis
If the price of capital falls, _____
a. the supply of capital increases b. the quantity supplied of capital decreases c. the quantity supplied of capital increases d. the quantity supplied of capital remains unchanged e. the supply of capital decreases
When a country imposes a per-unit (ad-valorem) tariff on an imported good or service then, the price that domestic consumers pay for the import falls
Indicate whether the statement is true or false
Cyclical unemployment is caused by
a. frictional and structural unemployment b. frictional but not structural unemployment c. structural but not frictional unemployment d. neither frictional nor structural unemployment