The price elasticity of demand is generally:
A. negative, but the minus sign is ignored.
B. positive, but the plus sign is ignored.
C. positive for normal goods and negative for inferior goods.
D. positive because price and quantity demanded are inversely related.
Answer: A
You might also like to view...
A monopolistically competitive firm has a
A. highly elastic demand curve. B. highly inelastic demand curve. C. perfectly elastic demand curve. D. perfectly inelastic demand curve.
Unbalanced investment projects are largely responsible for the high concentration of wealth in poor countries
Indicate whether the statement is true or false
Games can be judged according to the payoffs
A. as competitive or noncompetitive games. B. as zero-sum, negative-sum, and positive-sum games. C. whether all companies participate or not. D. as collusive or noncollusive games.
The following is budget information for a hypothetical economy. All data are in billions of dollars.
Refer to the above table. Assume that Year 1 is the first year for this economy and Year 5 is the current year. What is the public debt in this economy at Year 5?
A. $25 billion
B. $75 billion
C. $125 billion
D. $925 billion