The price elasticity of demand is
A) always negative.
B) sometimes positive.
C) always positive.
D) positive or negative, depending on supply.
Answer: A
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A proportional income tax is defined as a tax for which
A) total taxes paid increase with the level of income. B) total taxes paid are independent of the level of income. C) the average tax rate increases with the level of income. D) the average tax rate is the same at all levels of income.
Who did President Jimmy Carter appoint to head the Federal Reserve beginning in 1979?
a. Ben Bernanke b. Alan Greenspan c. Paul Volcker d. Arthur Burns
There is a surplus in a market for a product when:
a. The increase in demand is greater than the decrease in supply b. Quantity supplied is less than quantity demanded c. Quantity demanded is less than quantity supplied d. The decrease in supply is greater than the increase in demand
Which of the following would be most likely to cause the production possibilities curve for computers and education to shift outward?
A. A choice of more computers and less education. B. A choice of more education and less computers. C. A reduction in the labor force. D. An increase in the quantity of resources.