Which of the following equations shows inelastic demand?
a. ED < 1
b. ED >1
c. ED = 1
d. ED x 1
a. ED < 1
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The Field Hypothesis (2003) suggests that production possibilities expanded during the depression years. Much of the resulting increase in potential went unrealized, though. This explains why potential output in 1942 was greater than expected
Indicate whether the statement is true or false
Explain how the combination of major changes in the weather and price inelasticity of demand for a food item can lead to wide fluctuations in a farmer's income from year to year
When moving along a production possibilities curve, the opportunity cost to society of getting more of the good on the horizontal axis:
A) is constant. B) is measured in dollar terms. C) is measured by the amount of the other good that must be given up. D) usually decreases.
Higher rates of saving today contribute to ________ in the future.
A. more unemployment B. more capital gains C. higher tax rates D. a higher standard of living