Which of the statements below does not describe a demand curve that is unit elastic?
a. The percentage change in the quantity demanded = percentage change in product price.
b. An increase in product price will not change total revenue.
c. The price elasticity of demand equals one.
d. A change in price does not change quantity demanded.
e. A decrease in product price will not change total revenue.
d
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In a recession, the Fed's monetary policy aims to ________ the real interest rate, ________ aggregate demand, and ________ aggregate supply
A) decrease; increase; increase B) decrease; increase; not change C) increase; not change; increase D) increase; increase; increase E) increase; decrease; not change.
When collective decision making is utilized to resolve economic questions regarding the allocation of resources,
a. the role of markets will be replaced by political decision making. b. centralized decision making in all areas is inevitable. c. the preferences of individuals are of no importance. d. economic efficiency will be assured.