For a good that is a necessity,
a. quantity demanded tends to respond substantially to a change in price.
b. demand tends to be inelastic.
c. the law of demand does not apply.
d. All of the above are correct.
b
You might also like to view...
Refer to Figure 4-5. Suppose that instead of a price ceiling, the government imposed a price floor of R1. What is the area representing producer surplus after the imposition of the price floor?
A) B + C + D + E + F B) A C) B + D + F D) C + E
The yield to maturity on a new one-year discount bond equals
A) (F V- P)/P. B) (D - FV)/P. C) (FV - P)/FV. D) (P - FV)/FV.
If a new economics educator with a Ph.D. finds work as a taxi driver, but continues to look for a professorship, he is counted as employed
Indicate whether the statement is true or false
In 2011, the poverty rate in the United States was 15 percent. This means that 15 percent
a. of the population had a total family income that fell below the poverty line. b. of the population had a total family income that was above the poverty line. c. of the population had a total family income below $10,000. d. of the population had a total family income above $50,000.