Which of the following does this equation show?
a. inelastic supply
b. inelastic demand
c. elastic supply
d. elastic demand
b. inelastic demand
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Refer to Figure 5-13. The actual price of gasoline paid by consumers after the tax is implemented is ________ per gallon
A) $3.00 B) $3.75 C) $4.25 D) $5.00
Which of the following goods are available at highly economical prices because the use of mass production techniques substantially reduces their per unit production costs?
a. automobiles b. DVD players c. microwave ovens d. all of the above
If the personal savings rate rose to 10%
A. our current account deficit would probably fall. B. our current account deficit would probably rise. C. our current account deficit would be unaffected.
Which of the following statements reflect sound economic reasoning?
What will be an ideal response?