___________ unitary elasticity in either a supply or demand curve refers to a situation where a price change of one percent results in a quantity change of one percent.
a. Inconsistent
b. Constant
c. Locked
d. Temporary
b. Constant
Constant unitary elasticity in either a supply or demand curve refers to a situation where a price change of one percent results in a quantity change of one percent.
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According to a 2012 study of the crowd funding site Kickstarter, what percent of firms failed to meet the deadlines for finishing a product?
A) 25% B) 50% C) 75% D) 90%
The slope of a line parallel to the vertical axis is:
a. 1. b. 0. c. infinite. d. undefined.
John owns a number of hot dog stands in New York City. He hires workers to sell hot dogs at his stands. Which of the following events will lead to a decrease in John's demand for hot dog vendors?
a. Hollywood glamorization of a new movie about a hot dog vendor leads hundreds of high-school students in New York City to apply for a job at John's. b. The price of hot dogs falls. c. The local hot dog vendors form a union increasing hot dog vendor wages. d. The demand curve for hot dogs shifts to the right.
A landscaper purchases a lawnmower, a rake, a truckload of gravel, and a chainsaw. Which of these four goods would most likely be considered as a commodity?
(A) A rake (B) A truckload of gravel (C) A chainsaw (D) A lawnmower