Suppose there is no change in total revenue when the price changes. The demand curve for this good is:
a. perfectly elastic.
b. perfectly inelastic.
c. elastic.
d. inelastic.
e. unitary elastic.
e
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If one adopts a pure free-market approach to depletable resources, then one can expect the price of resources to
A. rise steadily. B. fall steadily. C. fluctuate in a random-walk fashion. D. remain unchanged.
The purpose of the Supplemental Security Income program is
A) to provide a minimum income for all households with children. B) to provide a guaranteed minimum income for all Americans. C) to provide a minimum income for the aged, blind, and the disabled. D) to supplement Social Security for the elderly with medical problems.
Assume that you have just returned to the United States from a summer vacation in Russia, where you exchanged American dollars for Russian rubles. Your economic actions can be said to have:
a. increased the supply of American dollars in Russia. b. decreased the supply of Russian rubles in America. c. decreased the supply of American dollars in Russia. d. increased the demand for American dollars in America. e. increased the supply of Russian rubles in Russia.