This graph shows unit elastic demand because the distance between Q1 and Q2 is ______ the distance between P1 and P2.
a. greater than
b. less than
c. equal to
d. irrelevant to
c. equal to
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Which of the following statements is true?
A) Geography and culture of a nation are under human control, while institutions of a nation are outside of human control. B) Geography refers to man-made factors, and in particular to the organization of society determined by the members of that society. C) Geography of a nation is not always under human control, while institutions of a nation are man-made. D) Most of the geography of a nation can be changed over time.
You have the following data about the exchange rates between the Brazilian Real and the Guatemalan Quetzal. June 1, 2011 0.6752 Reales / Quetzales June 1, 2012 0.3481 Reales / Quetzales From this data you may conclude that
A) the Real depreciated. B) the Quetzal appreciated. C) the Quetzal depreciated. D) the Real was revalued.
The slope of the total revenue curve for a perfectly competitive firm is determined by: a. the price of a good
b. the quantity of a good. c. the marginal cost. d. the average variable cost.
Which of the following explains why higher prices in the goods and services market will lead to an upward sloping short-run aggregate supply curve?
a. The higher prices will temporarily improve profit margins because many of the cost components of firms will be fixed in the short run. b. The higher prices will reduce the purchasing power of the fixed quantity of money and, thereby, stimulate additional output. c. The higher prices will expand the economy's resource base and, thereby, stimulate additional output. d. The higher prices will improve technology and, thereby, stimulate additional output.