Migraine medicine increased in price by 6% causing a 1% increase in quantity supplied. Supply is

a. inelastic.
b. elastic.
c. unit elastic.
d. elasticity.


a. inelastic.

Economics

You might also like to view...

If the Fed is concerned about inflation, its actions ________ long-term interest rates so that investment ________ and net exports ________

A) lower; increases; decrease B) raise; decreases; decrease C) lower; increases; increase D) raise; increases; increase E) lower; decreases; decrease

Economics

A vertical merger is one that takes place between two companies producing different goods or services for one specific finished product

Indicate whether the statement is true or false

Economics

Explain why a London Eurobank has a competitive advantage over a bank in New York in attracting dollar deposits

What will be an ideal response?

Economics

Julia invested $3,000 at an annual interest rate of 5 percent. From last year to this year, there has been a 4 percent inflation rate. After a year, the purchasing power of her investment _____.

(A) Is 4 percent (B) Is 5 percent (C) Rose by 1 percent (D) Fell by 1 percent

Economics