A relatively steep demand curve indicates that
a. quantity demanded will adjust only slightly to a price change.
b. quantity demanded will adjust significantly to a price change.
c. quantity demanded will not adjust to a price change.
d. the change in quantity demanded will exactly equal a change in price.
a
You might also like to view...
As consumers have a longer time period to respond, the demand for a product typically becomes more inelastic
a. True b. False
The ways to escape a prisoner's dilemma is to
A) make commitments and play the game repeatedly. B) collude. C) find a dominant strategy. D) give up the game.
The natural rate of unemployment
a. is a temporary low rate that cannot be maintained. b. is fixed; it cannot be altered by public policy. c. is equal to the number of persons unemployed divided by the number in the labor force. d. is the unemployment rate accompanying the economy's maximum sustainable rate of output.
The monetary base is also known as:
A. M1. B. M2. C. free reserves. D. high-powered money.