Refer to the above table. Demand is unit elastic between the prices of
A) $5.00 & $10.00.
B) $6.00 & $7.00.
C) $6.00 & $6.50.
D) $7.00 & $7.50
Answer is C) $6.00 & $6.50.
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Voluntary organizations that work with and on behalf of mostly local grassroots organizations in developing countries are termed
(a) international organizations. (b) nongovernmental organizations. (c) multilateral institutions. (d) equity organizations. (e) none of the above.
Even if two products have different characteristics, such as color, the products are only considered heterogeneous if consumers
A) consider the two products as perfect complements. B) consider the two products as perfect substitutes. C) consider the two products as imperfect substitutes. D) consider the two products as imperfect complements.
In the 1990s the United States eliminated its budget deficit and expanded the money supply. This should have led to
a. lower real interest rates and a depreciation of the dollar. b. lower real interest rates and an appreciation of the dollar. c. higher real interest rates and a depreciation of the dollar. d. higher real interest rates and an appreciation of the dollar.
Suppose during a year an economy produces $10 trillion of consumer goods, $4 trillion of investment goods, $6 trillion in government services, and has $4 trillion of exports and $5 trillion of imports. GDP would be:
A. $19 trillion. B. $21 trillion. C. $24 trillion. D. $29 trillion.