If the price of a product is lowered from $300 to $270, and as a result the quantity demanded increases from 25 to 30 units, we know that in that range:
a. demand has declined
b. demand is elastic.
c. demand is unit elastic.
d. demand is inelastic.
e. demand is perfectly elastic.
b
Economics
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Because of diminishing returns, a factor in abundant supply has a
a. high marginal product and a high rental price. b. high marginal product and a low rental price. c. low marginal product and a high rental price. d. low marginal product and a low rental price.
Economics
A budget surplus means that:
A. Government expenditures are greater than revenues in a given year B. Government revenues are greater than expenditures in a given year C. A nation's exports are greater than its imports D. A nation's imports are greater than its exports
Economics