If the demand function for a particular good is Q = 50 ? 4P, then demand at a price of $10 is:
A. unit elastic.
B. elastic.
C. inelastic.
D. Elasticity cannot be determined.
Answer: B
You might also like to view...
The period of time from 1,000,000 B.C. to 1300 A.D. was a period of
A) moderate economic growth. B) rapid and sustained economic growth. C) no sustained economic growth. D) slow and steady economic growth.
If Walmart buys $50 million worth of consumer goods from China and sells them in the U.S., and China uses the $50 million to purchase U.S. bonds, U.S. net exports and U.S. net capital outflow both fall
a. True b. False Indicate whether the statement is true or false
The responsiveness of the quantity demanded of one good to a change in the price of a different good is measured by the:
A. price elasticity of demand. B. cross-price elasticity of demand. C. income elasticity of demand. D. price elasticity of supply.
The value of the films starring Charlie Chaplin produced in the United States that still exist will not be included in this year's U.S. gross domestic product (GDP) because: a. Charlie Chaplin was not an American citizen
b. Charlie Chaplin did not make the films this year. c. the films earn less revenue. d. the films no longer have any value except to collectors. e. films are intermediate goods.