A price elasticity of demand of 2 for a specific cola means that if the price increases 1 percent, the quantity demanded of the cola will decrease by 2 percent
a. True
b. False
A
You might also like to view...
The short-run aggregate supply curve is vertical when inflation is predicted accurately.
Answer the following statement true (T) or false (F)
Which of the following is not an example of inequality of opportunity?
a. The Indian caste system. b. The Japanese public education system. c. Jim Crow laws in the United States. d. South African apartheid.
Which of the following are mentioned as forces of the new growth theory that influence economic growth? I. Technology II. Research III. Innovations
A) I only B) I and II only C) I and III only D) II and III only E) I, II, and III
The tuition you paid at the beginning of the term is a sunk cost, when determining the opportunity cost of attending a session of the class
a. True b. False Indicate whether the statement is true or false