When the price of fresh fish increases 10%, quantity demanded is unchanged. The price elasticity of demand for fresh fish is
A. inelastic.
B. elastic.
C. perfectly inelastic.
D. unitary elastic.
Answer: C
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Output per unit of input measures
A. Productivity. B. The investment rate. C. The inequality trap. D. Per capita GDP.
In Econland population increased from 1 million to 1. 1 million, the number of employed workers increased from 500,000 to 600,000, but average labor productivity decreased from $20,000 per worker per year to $18,000 per worker per year. Total output in Econland ________ and the average standard of living ________.
A. increased; decreased B. decreased; increased C. decreased; decreased D. increased; increased
A pollution tax allows a firm to externalize some of its internal costs.
Answer the following statement true (T) or false (F)
For price-taking producers, isoprofit curves are always parallel to one another.
Answer the following statement true (T) or false (F)