A perfectly inelastic demand:
A. means people will quickly change the quantity they purchase when price changes.
B. means people will not respond to any change in price.
C. is demonstrated by a perfectly horizontal demand curve.
D. has an absolute value greater than 1.
B. means people will not respond to any change in price.
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What will be an ideal response?
Keynesians argue that the interest elasticity of the demand for money is
a. low, while monetarists say it is high. b. unimportant in terms of affecting economic activity, while monetarists disagree. c. relatively high, while monetarists argue it is low. d. not a factor in determining if velocity is stable or unstable.