If the quantity demanded of a certain good responds only slightly to a change in the price of the good, then the
a. demand for the good is said to be elastic.
b. demand for the good is said to be inelastic.
c. law of demand does not apply to the good.
d. demand curve for the good shifts only slightly in response to a change in price.
b
Economics
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Monopolistic competition tends to lead firms to have wasted capacity. Why?
What will be an ideal response?
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In making a cost-benefit analysis of whether to purchase a parking permit for on-campus parking, the benefit of buying a parking permit includes:
a. the time saved by not having to look for parking on the street. b. the ability to pay the price of the parking permit. c. the need of the student body to support campus policies. d. the cost of gasoline burned on the way to school.
Economics