Whenever the absolute value of the price elasticity of demand is greater than 1, but less than infinite
A. demand is perfectly elastic.
B. demand is unit elastic.
C. demand is elastic.
D. demand is inelastic.
Answer: C
Economics
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Refer to Figure 26-1. In the figure above, the money demand curve would move from Money demand1 to Money demand2 if
A) the interest rate decreased. B) real GDP decreased. C) the price level increased. D) the Federal Reserve sold Treasury securities.
Economics
A rational consumer will always shift a dollar from a good whose marginal-utility-to-price ratio is lower to one whose marginal-utility-to-price is higher
a. True b. False Indicate whether the statement is true or false
Economics