If the price elasticity of demand for a good is less than one in absolute terms, we say consumers of this good

A) are not very sensitive to price.
B) are not very sensitive to the quantity they demand.
C) are very sensitive to price.
D) are elastic.


A

Economics

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From an economist's perspective, why are public restrooms often dirtier than restrooms in your home?

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Checkable deposits are money because

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Since there are smaller fluctuations in the equilibrium prices of final goods than in the prices of intermediate goods, the producer price index is more volatile than the consumer price index

a. True b. False Indicate whether the statement is true or false

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Matt graduates from college and gets a job paying $70,000 a year. While in school, he consumed 5 pounds of chicken and 10 pounds of shrimp a month. After he starts working, he consumes 4 pounds of chicken and 12 pounds of shrimp a month. If everything

else is held constant, we know that A) chicken and shrimp are normal goods for Matt. B) chicken is an inferior good and shrimp is a normal good for Matt. C) chicken is an inferior good for Matt. D) shrimp is a normal good for Matt.

Economics