If, for a given percentage increase in price, quantity demanded falls by a proportionately smaller percentage, then demand is
A) unit elastic.
B) perfectly elastic.
C) relatively inelastic.
D) relatively elastic.
Answer: C
Economics
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A) is inconsistent with the law of demand. C) implies a leftward shifting demand curve. B) implies a perfectly elastic demand curve. D) is consistent with the law of demand.
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If prices have been rising since the base year for GDP (which was years ago), which will be smaller?
A. nominal GDP B. real GDP C. cannot say
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