Refer to the above graph. When the quantity of product X sold increases from 8,000 to 10,000, the price elasticity of demand for product X over that range is:

A. inelastic.
B. elastic.
C. unit-elastic.
D. perfectly inelastic.


Answer: C

Economics

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The $1.90 (PPP) per day line was chosen by averaging the national poverty lines of 15 poor countries to represent:

A. relative poverty by some globally comparable standard. B. chronic poverty by some globally comparable standard. C. transient poverty by some globally comparable standard. D. absolute poverty by some globally comparable standard.

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Which of the following statements is true regarding the costs associated with owning and operating an automobile?

What will be an ideal response?

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Induced expenditure is the portion of planned aggregate expenditure that:

A. depends on output. B. equals aggregate output. C. equals planned spending. D. equals autonomous expenditure.

Economics