The quantity demanded is called inelastic if a ______.
a. huge change in price causes a huge change in quantity demanded
b. small change in price causes a small change in quantity demanded
c. huge change in price causes only a small change in quantity demanded
d. small change in price causes a huge change in quantity demanded
c. huge change in price causes only a small change in quantity demanded
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If the percentage change in price is 5%, and the percentage change in quantity supplied is 10%, then the supply for the good is
A. inelastic. B. unit elastic. C. perfectly inelastic. D. elastic.
Explain how firms use elasticity and revenue to make decisions
What will be an ideal response?
Refer to the information provided in Figure 3.14 below to answer the question(s) that follow.
Figure 3.14Refer to Figure 3.14. The market for sunglasses is in equilibrium at a price of ________ and a quantity of ________ sunglasses.
A. $90; 300 B. $60; 450 C. $30; 300 D. $30; 600
What are transfer payments? Give two examples
What will be an ideal response?