The percentage change in quantity demanded that results from a 1 percent change in price is known as the:
A. price elasticity of supply.
B. cross-price elasticity of demand.
C. price elasticity of demand.
D. income elasticity of demand.
Answer: C
Economics
You might also like to view...
Which of the following might be a final good?
A) A box of Kellogg's corn flakes B) An iMac computer C) A U-Haul rental vehicle D) An economics textbook E) Any of the above might be, depending upon who is purchasing it.
Economics
For this question, assume that the economy is initially operating at the natural level of output. A reduction in taxes will cause
A) an increase in the real wage in the medium run. B) a reduction in the real wage in the medium run. C) no change in the nominal wage in the medium run. D) ambiguous effects on the real wage in the medium run. E) none of the above
Economics