The elasticity of demand is used to
A) determine if consumers will or will not buy a product.
B) measure how responsive consumers are to a change in price.
C) determine in what direction the demand curve shifts if income changes.
D) find the market equilibrium.
E) determine if a change in price results in a shortage or a surplus.
B
Economics
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Based on the data in the table above, ice cream and cake are ________ goods
A) inferior B) normal C) substitute D) complementary E) Both answers B and D are correct.
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What is resale price maintenance? Is resale price maintenance legal in the United States?
What will be an ideal response?
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