Over a particular price range, if the quantity effect of a price decrease is smaller than the price effect, it implies that:
A) demand is elastic in the price range.
B) demand is inelastic in the price range.
C) the demand curve is horizontal in the price range.
D) the demand curve is upward sloping in the price range.
B
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Explain how an economy can experience long-run economic growth and deflation at the same time
What will be an ideal response?
Which of the following statements is NOT a function of the Fed?
A) It ensures that commercial banks report their assets and liabilities with accuracy. B) It monitors the stockholders' equity of commercial banks. C) It oversees interbank payment systems. D) It regulates the various stock markets in the economy.
Your 65-year-old father is going to retire next year. He would like to have an income of $20,000 per year for the remainder of his life
If he is expected to live for ten more years, write an algebraic expression to indicate the amount of money he needs today to pay him this sum of money if the interest rate is 10 percent.
Which of the following examples would have an inelastic supply curve?
a. A 3 percent increase in the price of soccer balls results in a 2 percent increase in quantity supplied. b. A 7 percent increase in the price of soccer nets results in a 10 percent increase in quantity supplied. c. A 9 percent increase in the price of soccer uniforms results in a 11 percent increase in quantity supplied. d. A 15 percent increase in the price of soccer shoes results in a 22 percent increase in quantity supplied.