If demand is highly inelastic and supply shifts to the right, the equilibrium price will rise significantly while quantity will increase only slightly.
Answer the following statement true (T) or false (F)
False
A highly inelastic demand curve and a supply curve that shifts to the right will result in a significant decline in price while quantity increases only slightly.
Economics
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Which of the following is likely to be included in a country's Gross Domestic Product in a particular year?
A) An unsold inventory of automobiles produced in that year B) The total amount steel used in the production of automobiles in that year C) The total amount of flour used by bakeries to make bread in that year D) An unused stock of goods produced in the previous year
Economics
When the government reduces taxes, which of the following decreases?
a. consumption b. take-home pay c. household saving d. None of the above is correct.
Economics