If a good has perfectly inelastic demand,
a. an infinite amount could be sold without a change in price
b. the same amount would be purchased regardless of price
c. any price change is matched by an equal percentage change in quantity demanded
d. total revenue remains unchanged if the price rises or falls
b. the same amount would be purchased regardless of price
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The discount rate is
A. set in the money market. B. set by each member bank. C. set by the Federal Reserve District Banks. D. the same as the federal funds rate.
The quantity theory of the demand for money states that a country's money demand is proportional to
A. the domestic interest rate. B. the exchange rate. C. the money value of gross domestic product. D. the level of domestic consumption.
A citizen of Mexico who has lived in El Paso, New Mexico, during the past three years has just sent $100 to relatives in Mexico for Christmas. This transaction is
A. counted in the U.S. balance of payments as an export item. B. counted in the U.S. balance of payments as a surplus item. C. counted in the U.S. balance of payments as a current account item. D. none of these.
The study of how people make decisions in situations in which attaining their goals depends on their interactions with others is called
A) game theory. B) oligopoly. C) competitive analysis. D) strategic analysis.