If the price of a good falls by 10% and the percentage increase in the total amount consumers spend on the good is 10%, then the good is
A. perfectly inelastic.
B. unit elastic.
C. elastic.
D. inelastic.
Answer: C
Economics
You might also like to view...
What are the common features of all games?
What will be an ideal response?
Economics
Approximately what percentage of food stamps are issued to individuals who are not entitled to them?
a. 5 percent b. 15 percent c. 25 percent d. 35 percent
Economics
All of the following institutions easily fit onto a majoritarian-consensus dimension EXCEPT ______.
A. federalism B. bicameralism C. unicameralism D. constitutionalism
Economics
Which statement is true about the demand curve in the graph above?
A. Demand is perfectly elastic.
B. Demand is perfectly inelastic.
C. Demand is less elastic at point X than at point Y.
D. Demand is less elastic at point Y than at point X.
Economics