When the price of a textbook is $100, 60 copies are demanded; and when the price of that textbook goes up to $120, 30 copies are demanded. In the price range between $100 and $120, the demand for the textbook is
A) elastic.
B) inelastic.
C) unit elastic.
D) perfectly elastic.
A
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The table above has information about the CPI, nominal wage rate, and nominal interest rate for the country of Syldavia for the years 2010 to 2012. The reference base year is 2010. The inflation rate in Syldavia from 2010 to 2011 was
A) 5.0 percent. B) -9.5 percent. C) 3.0 percent. D) 9.5 percent. E) -5.0 percent.
Which of the following is an effect of a price ceiling set below the equilibrium price?
A) Less of the good is produced with the ceiling than would be produced without the ceiling. B) The price ceiling has no effect on the market equilibrium. C) Consumers can buy more than they can at the equilibrium price because the ceiling price is lower. D) None of the above answers is correct.