If price decreases by 10 percent and quantity demanded increases by 30 percent, the price elasticity of demand will be
A) 0.333.
B) 3.
C) 30.
D) 300.
B
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An increase in the price level will
A) move the economy down along a stationary aggregate demand curve. B) move the economy up along a stationary aggregate demand curve. C) shift the aggregate demand curve to the left. D) shift the aggregate demand curve to the right.
Economists will readily confess that even after centuries of systematic observation of their subject matter, of data collecting, theory building, empirical testing, and amassing historically relevant material, they still usually arrive at different and sometimes even highly conflicting conclusions and recommendations
Indicate whether the statement is true or false
Price ceilings are typically imposed to benefit sellers
a. True b. False Indicate whether the statement is true or false
In 2009, the U.S. economy was experiencing a(n)
A. recessionary gap. B. inflationary gap. C. balance of trade deficit. D. hyperinflation.