Refer to Figure 2.1. At point B, demand is:
A) small.
B) inelastic, but not completely inelastic.
C) unit elastic.
D) elastic, but not infinitely elastic.
E) infinitely elastic.
D
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Marginal product of labor refers to the
A. change in total product resulting from employing one more unit of labor. B. total product divided by the number of units of labor employed. C. smallest amount of output produced by labor. D. last unit of output produced by labor at the end of each period.
If an increase in price results in no change in total revenue, then demand must be
A) inelastic. B) elastic. C) unit elastic. D) infinitely elastic.
How can the influence of a third variable be shown on a two-dimensional graph?
A) by allowing the position of the relationship line or curve to shift on the graph B) by super-imposing the third variable on the two-dimensional graph C) by drawing a third axis coming out of the two axes D) by allowing the relationship to be nonlinear
Which of the following describes the relationship between bond prices and bond yields?
a. There is a positive relationship between the yield and the price. b. Every 1% increase in the bond price results in a 2% increase in the yield. c. When the bond price is greater than the annual interest, yield is greater than one. d. Bond price divided by the bid price is equal to the yield. e. There is an inverse relationship between the yield and the price.