Demand is said to be elastic when:
A. the percentage change in the amount demanded is smaller than the percentage change in price.
B. the demand curve is relatively flat.
C. the elasticity of demand is less than -1.
D. the elasticity of demand is greater than -1.
C. the elasticity of demand is less than -1.
You might also like to view...
In the above figure, which part corresponds to an increase in the money wage rate?
A) Figure A B) Figure B C) Figure C D) Figure D
An individual perfectly competitive firm's supply curve is its:
a. average-fixed-cost curve. b. marginal revenue curve. c. average-variable-cost curve. d. marginal cost curve. e. total cost curve.
One of the potential economic problems associated with the extensive use of macropolicy to recover from the Great Recession is
A. the huge government deficits and the flood of money into the banks could set off an inflationary spiral. B. the large amount of government spending for job creation could result in rapid and uncontrollable increases in wages. C. the flood of money into the banks could cause excessive investment expenditures in the economy. D. the tax rebates made available to consumers could cause uncontrollable increases in the price of housing.
If you were told that the exchange rate between the U.S. dollar and the Canadian dollar was 1.2, that would mean that Canadians would have to spend ____ to buy a $12 watch in New York City.
A. 18 Canadian dollars B. 10 U.S. dollars C. 12 U.S. dollars D. 14.4 U.S. dollars