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

Economics

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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.

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Between 1929 and 1982, according to Edward Denison, approximately

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The Phillips curve describes a trade-off between interest rates and unemployment

Indicate whether the statement is true or false

Economics