Whenever the absolute value of the price elasticity of demand is greater than 1, but less than infinite
A) demand is inelastic.
B) demand is unit elastic.
C) demand is elastic.
D) demand is perfectly elastic.
C
Economics
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Compare and contrast a price ceiling and a price floor
What will be an ideal response?
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Marginal revenue is equal to:
A) the change in price divided by the change in output. B) the change in quantity divided by the change in price. C) the change in P x Q due to a one unit change in output. D) price, but only if the firm is a price searcher.
Economics
Nominal GDP is output measured in ________ prices while real GDP is output measured in ________ prices
A) current; current B) current; fixed C) fixed; fixed D) fixed; current
Economics
Most macroeconomic policy consists of:
A) monetary policy B) fiscal policy C) exchange-rate policy D) regulatory policy
Economics