If a 50 cent increase in price causes the amount purchased to fall by 50 units per week, we know
A) almost nothing about the price elasticity of demand.
B) demand is relatively elastic.
C) demand is relatively inelastic.
D) demand is unit elastic.
E) the demand does not obey the law of demand.
A
You might also like to view...
Which of the following is a flow?
A. Assets B. Saving C. Money D. Wealth
The value of an object on which a tax is levied is known as the
a. tax rate. b. tax impact. c. tax base. d. tax incidence.
A bank's actual reserves can be calculated by: a. multiplying its demand deposits by the required reserve ratio. b. multiplying its excess reserves by the required reserve ratio. c. subtracting its required reserves from its excess reserves
d. adding its required reserves and its excess reserves.
A good example of a market that resembles a contestable market would be
A. electric power production. B. trucking companies. C. auto manufacturing. D. urgent-care clinics.