An elasticity of 1 would be considered
A. perfectly elastic.
B. elastic.
C. unit elastic.
D. inelastic.
C. unit elastic.
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An area that is rising significantly in cost is:
a. Health care b. Home appliances and electronics c. College tuition d. both a and c are correct
If the managers of Happy Avocados, a ready-made guacamole firm, spend considerable time researching different prices and quality measures offered by multiple avocado farmers, the time spent is considered to be a(n) ________ cost.
A) information B) negotiation C) monitoring D) enforcement
According to the classical economists, if there is a recession, the government should ________.
Fill in the blank(s) with the appropriate word(s).
How does the price range affect the elasticity of demand for a product?
(A) Price range has little or no effect on elasticity of demand for a good. (B) Demand for a good can be elastic at a low price but inelastic at a high price. (C) Demand for all goods is elastic if the price is low enough. (D) Demand for a good can be inelastic at a low price, but elastic at a high price.