Suppose that a jewelry store found that when it increased prices by 10 percent, sales revenue increased by 3 percent. Which of the following is true about the price elasticity of demand for the store's goods?
a. Demand is perfectly inelastic.
b. Demand is inelastic, but not perfectly.
c. Demand is unitary classic.
d. Demand is elastic, but not perfectly.
e. Demand is perfectly elastic.
b
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Two factories make wooden chairs. If the workers in factory A make each chair from start to finish and the workers in factory B divide labor, one would assume
A) the chairs in factory A are of higher quality. B) the workers in factory B have more job satisfaction. C) factory B can take advantage of division of labor and produce more efficiently. D) factory A can take advantage of division of labor and produce more efficiently.
If the U.S. dollar price of one Japanese yen was $0.009 in 1997 and $0.011 in 2001, then the reciprocal exchange rate adjusted from $1 = ¥111.1 in 1997 to $1 = ¥90.9 in 2001 . This implies that over this time period, the U.S. dollar experienced a depreciation relative to the Japanese yen
a. True b. False Indicate whether the statement is true or false
The federal government spends more on foreign aid than it spends on transportation, education, and agriculture combined
Indicate whether the statement is true or false
An obligation to make future payment is
A. Debt service. B. An asset. C. A liability. D. Debt refinancing.