The price elasticity of demand measures the extent to which the quantity demanded changes when
A) the price of the good changes.
B) the price of a related good changes.
C) the expected future price of a good changes.
D) consumer preferences change.
E) both the demand and supply of the good change.
A
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All of the following can be true about the optimal basket consumed by a consumer, except
a. The basket is on the budget line. b. The person is spending all of their money on the basket. c. The basket is on the highest indifference curve. d. The budget line is tangent to an indifference curve at the optimal basket.
To become wealthy you have to either work at a job or learn how to duplicate yourself, but you cannot do both.
Indicate whether the statement is true or false.
During the last part of the 19th century, which of the following factors contributed to the lag in railroad construction in the Southeast and Southwest?
a. sparseness of population b. war-induced poverty c. costal shipping d. All of the above are correct. e. Only b and c are correct.
A collusion occurs when firms act together to reduce output and keep prices high
a. True b. False Indicate whether the statement is true or false