Refer to the table shown to answer the question. Between $2.20 and $2.40, demand is:PriceQuantity Demanded$1.60130$1.80120$2.00110$2.20100$2.4090$2.6080
A. unit elastic.
B. perfectly elastic.
C. inelastic.
D. elastic.
Answer: D
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Criticisms of the Brander-Spencer model include all EXCEPT which of the following?
A) the problem of insufficient information B) the problem of likely foreign retaliation C) the problem of harm to interests of consumers D) the problem of adverse effects of trade policy politics E) the problem of simultaneously causing harm to other industries
Figure 7-14
Of the long-run AC curves in Figure 7-14, which displays increasing returns to scale for all levels of output?
A. 1 B. 2 C. 3 D. 4
A total product curve shows the
a. aggregate output of many firms in an industry. b. amount of product consumers will take off the market. c. maximum amount of product that it is technically possible to produce. d. relationship between units of inputs and total output.
The cross-price elasticity of demand measures:
A. the relationship between the demand for one good and the supply of another. B. the relationship between the demand for one good and the price of another. C. the relationship between the demand and supply of one good at the intersection of the curves. D. the elasticity of demand at the intersection of the supply and demand curves.