A decrease in demand will decrease prices least when supply is
A. inelastic (but not perfectly inelastic).
B. perfectly inelastic.
C. elastic.
D. unit elastic.
Answer: C
You might also like to view...
Emotions like guilt and sympathy:
A. are irrelevant to economic decision-making. B. can solve commitment problems, but generally reduce players' payoffs. C. can solve commitment problems. D. reduce the likelihood that a transaction will maximize total economic surplus.
________ is likely to result in an increase in the total efficiency units of labor in an economy
A) A decrease in the capital-labor ratio in the economy B) An increase in the unemployment rate in the economy C) A decrease in the labor force participation rate in the economy D) An increase in the productivity of each worker in the country
A good definition of the meaning of development is the
a. elimination of absolute poverty. b. improvement in the quality of life. c. fulfillment of the potential of individuals. d. all of the above.
In the pivotal Supreme Court decision Munn v Illinois (1877), the court held that only natural monopolies were subject to federal government regulation
Indicate whether the statement is true or false