If the percentage change in the quantity demanded of a good is less than the percentage change in price, price elasticity of demand is:
A. elastic.
B. inelastic.
C. perfectly inelastic.
D. unitary elastic.
Answer: B
You might also like to view...
Based on the data in the table above, ice cream and cake are ________ goods
A) inferior B) normal C) substitute D) complementary E) Both answers B and D are correct.
Refer to Figure 14.2. Hurricane Katrina was responsible for destroying a large portion of oil and natural gas refining capacity on the Gulf coast in 2005. Other things equal, this would best be represented by a movement from
A) point A to point B. B) point B to point A. C) point B to point C. D) point A to point C.
Between 1929 and 1982, according to Edward Denison, approximately
a. one-fourth of the growth in output was due to the increase in the quantity of labor. b. one-third of the growth in output came from an increase in the quantity of labor. c. forty-five percent of the growth in output was credited to an increase in the quantity of labor. d. ten percent of the growth in output was responsible for the increase in the quantity of labor.
The Phillips curve describes a trade-off between interest rates and unemployment
Indicate whether the statement is true or false