When the price of a product is increased 15%, the quantity demanded decreases 10%. We can therefore conclude that the demand for this product is
A. cross-elastic.
B. unitary elastic.
C. inelastic.
D. elastic.
Answer: C
You might also like to view...
Between 2001 and 2015, equilibrium college tuition rose from $15,000 to $27,000 and equilibrium enrollment increased from 16 million to 21 million students. These changes could be the result of
A) an increase in demand. B) an increase in supply. C) a decrease in demand. D) a decrease in supply.
Net exports ________ the autonomous expenditure multiplier
A) reduce B) increase C) A or B D) have no effect on
The situation in which a person places greater value on a good as more and more people possess it is called
A) Bandwagon Effect. B) Greater Value Effect. C) Snob Effect. D) Behavioral Effect.
Among the liabilities of a bank are its
A) transaction deposits. B) total reserves. C) excess reserves. D) loans.