Demand is inelastic if
A. the quantity demanded does not change very much even if the price changes dramatically.
B. the demand curve is bowed inward.
C. the quantity demanded changes along with the price.
D. the demand curve is bowed outward.
Answer: A
You might also like to view...
A conclusion of the theory of rational expectations is that, in the short run, the impact of a correctly anticipated fiscal policy designed to decrease AD will:
a. result in no net change in AD once people's expectations adjustments have been accounted for b. shift AD in the opposite direction intended once people's expectations adjustments have been accounted for. c. decrease the price level. d. result in no change in the price level.
Which of the following statements about reserves is correct?
a. When an economy is in recession, banks are likely to hold a higher proportion of reserves. b. When an economy is in recession, banks are likely to hold a lower proportion of reserves. c. When an economy is in recession, banks are likely to hold the same proportion of reserves. d. When an economy is in recession, banks are likely to hold no reserves.
The Bureau of Labor Statistics' U-5 measure of joblessness includes marginally attached workers
a. True b. False Indicate whether the statement is true or false
The incentives to work that result from the existence of private property accrue to
A. neither the weak nor the strong. B. both the weak and the strong. C. only the strong. D. only the weak.