If total revenue is unrelated to price, then demand is unitary elastic.

Answer the following statement true (T) or false (F)


True

Economics

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The figure above shows the production possibilities frontier for a country. The opportunity cost of a gallon of milk between combination point A and B is

A) 1/3 of a gallon of ice cream for a gallon of milk. B) 4 gallons of ice cream for a gallon of milk. C) 1 gallon of ice cream for a gallon of milk. D) 3 gallons of ice cream for a gallon of milk. E) zero because at point A, zero milk is being produced.

Economics

Tradable allowances are like quotas in that they both:

A. reduce the quantity bought and sold to the efficient level. B. maximize surplus. C. are efficient. D. All of these statements are true.

Economics

Japan did not lead the world in automobile production in the 1950s because _________________________.

Fill in the blank(s) with the appropriate word(s).

Economics

What has been the range of the decline in real output for U.S. recessions since 1950?

A. -10.0 percent to -14.9 percent B. -15.0 percent to -19.9 percent C. -5.0 percent to -9.9 percent D. -0.1 percent to -4.9 percent

Economics