People find it difficult to get along without necessities, therefore demand for necessities:
A. Is relatively elastic.
B. Is relatively inelastic.
C. Is relatively unitary elastic.
D. Does not change with changes in price.
Answer: B. Is relatively inelastic.
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Jimmy grows corn. His total revenue and total cost are in the above table. What quantity of corn maximizes his profit and what is his profit? What is the marginal revenue and marginal cost at this quantity?
What will be an ideal response?
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Which of the following will cause an increase in the demand for the Venezuelan currency, the Venezuelan bolivar?
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