If consumers are insensitive to price changes for a particular good, their demand for the good is said to be __________.
Fill in the blank(s) with the appropriate word(s).
inelastic
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In 1902, total government expenditures at all levels of government were around _____
a. 10 percent of GDP b. 20 percent of GDP c. 30 percent of GDP d. 40 percent of GDP
What oligopolist pricing theory is based on firm awareness of how competing firms will react to actions it takes and develops strategies based on that reaction?
a. game theory b. profit-maximizing theory c. price leadership theory d. price discrimination theory e. theory of competition
The variables in the index of leading indicators are included in the index because
a. they are good indicators of the current rate of inflation. b. they generally lag behind turns in the business cycle. c. of their tendency to lead (or predict) turns in the business cycle. d. they are good indicators of the current state of the economy.
An economy can produce the following combinations of goods: 50X and 0Y, 40X and 10Y, 30X and 20Y, 20X and 30Y, 10X and 40Y, and 0X and 50Y. The production possibilities frontier (PPF) for the economy is
What will be an ideal response?