If a small percentage decrease in the price of chocolate causes a larger percentage decrease in the quantity supplied, the
A) demand for chocolate is elastic.
B) demand for chocolate is inelastic.
C) supply of chocolate is elastic.
D) supply of chocolate is inelastic.
C
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Ways to "game" the budgeting process include
a. delaying sales if just short of a target b. delaying expenses if just short of a target c. accelerating sales once a target is met d. delaying expenses costs once a target is met
Costs of unemployment include
A. structural unemployment. B. reduction in the labor force. C. the output lost due to the fact that the economy is not running at full employment. D. higher wages.
If demand for a good is perfectly inelastic, then
A. a price increase would cause a fall in total revenue. B. a price increase would cause no change in quantity demanded. C. a price increase would cause an increase in quantity demanded. D. a price increase would cause a fall in quantity demanded.
The knowledge and skill that make for a productive worker are referred to by economists as:
What will be an ideal response?