If the demand curve for a good is unit elastic within a specific price range, this implies that within that price range the
a. consumers do not react to a change in price
b. quantity demanded remains unchanged
c. good has no substitutes
d. good has no complements
e. percentage change in the quantity demanded equals the percentage change in price
E
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What is meant by an economy's self correcting mechanism? Explain the process through which self correcting mechanism reduces inflationary gap
In its conduct of open market operations, the Fed now buys and sells
a. only U.S. government securities. b. only mortgage-backed securities issued by large investment banks. c. a wide range of assets including the stock shares of large banks, domestic automobile manufacturers, and high-technology business firms. d. a wide range of assets including corporate bonds and mortgage-backed securities.