When the consumer spends a large portion of her income on a good, demand will be
A) elastic.
B) unit-elastic.
C) inelastic.
D) elastic, unit-elastic or inelastic depending upon supply.
A
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Other things the same, if workers and firms expected prices to rise by 2 percent but instead they rise by 3 percent, then
a. employment and production rise. b. employment rises and production falls. c. employment falls and production rises. d. employment and production fall.
Which of the following is correct?
a. There is consensus among economists that unions are good for the economy. b. There is consensus among economists that unions are bad for the economy. c. There is consensus among economists that, on net, unions have almost no impact on macroeconomic variables. d. There is no consensus among economists about whether unions are good or bad for the economy.