The quantity consumed of a good is relatively unresponsive to changes in price whenever demand is:
A. unitary.
B. inelastic.
C. elastic.
D. falling.
Answer: B
You might also like to view...
When people make decisions about the quantity of education to undertake, they balance the marginal social benefit against the marginal private cost
Indicate whether the statement is true or false
Why don't governments avoid budget deficits under all circumstances?
Which of the following is provided by Supplemental Security Income (SSI)?
a. Cash support for the disabled and elderly poor b. Debit cards for the poor to purchase food c. Rent assistance for the poor and near-poor d. Food assistance for pregnant women and newborns
Since the wide spread acceptance of the Keynesian view during the 1960s,
A) the federal government has run budget deficits during recessions, but substantial budget surpluses during economic expansions. B) perpetual budget deficits have been the norm. C) the federal government has persistently maintained a balanced budget. D) perpetual budget surpluses have been the norm.