Assume that when price is $20, quantity demanded is 9 units, and when price is $19, quantity demanded is 10 units. Based on this information, we can conclude that over the price range from $19 to $20, demand is price:
A) elastic.
B) unit elastic.
C) inelastic.
D) cannot be determined.
A
Economics
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Assume the price of beer is $4, the price of pizza is $10 and the consumer's income is $250. Which consumption bundle will NOT be the consumers choice?
A) 5 beers, 5 pizzas B) 0 beers, 25 pizzas C) 25 beers, 15 pizzas D) None of the bundles will be chosen.
Economics
Establishing rules for voter registration is an example of a(n)
A) economic function of government. B) political function of government. C) public good. D) transfer payment.
Economics