Which of the following is likely to have the most price inelastic demand?
a. lattés
b. filet mignon
c. Grey Goose® vodka
d. milk
d
You might also like to view...
The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
According to the classical model, an increase in the American nominal money supply would cause the nominal exchange rate to ________ and the real exchange rate to ________
A) depreciate; appreciate B) appreciate; depreciate C) depreciate; remain unchanged D) appreciate; remain unchanged
A nonbinding price floor (i) causes a surplus. (ii) causes a shortage. (iii) is set at a price above the equilibrium price. (iv) is set at a price below the equilibrium price
a. (iii) only b. (iv) only c. (i) and (iii) only d. (ii) and (iv) only
In the above figure, the production of 75 ukuleles and 75 guitars is
A. full employment production. B. impossible production. C. inefficient production. D. efficient production.