To say that demand is inelastic means that
A) people do not like the good very much.
B) quantity demanded not very responsive to price changes.
C) relatively small changes in price lead to relatively large changes in quantity demanded.
D) relatively small changes in quantity demanded lead to relatively small changes in price.
B
Economics
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Refer to Scenario 2. If the age of a house is 25 years with 1,500 square feet, what is the estimated market value of the house?
What will be an ideal response?
Economics
Assume you pay a tax of $4,000 on a taxable income of $24,000. If your taxable income were $30,000, your tax payment would be $5,000. This suggests that the tax is:
A. progressive. B. proportional. C. regressive. D. discriminatory.
Economics