Assuming price elasticity of demand is reported as an absolute value, a price elasticity of demand greater than one indicates demand:
A. for the good is elastic.
B. for the good is inelastic.
C. for the good is unitary elastic.
D. cannot be determined without more information.
A. for the good is elastic.
Economics
You might also like to view...
The curve that displays total planned real spending on goods and services at each price level by households, businesses, the government, and foreign residents is called
A) the employment curve. B) the aggregate demand curve. C) the price level curve. D) the aggregate supply curve.
Economics
You are given the following information on the various sectors of the economy. Derive the aggregate expenditure function
C = 100 + 0.75Y I = 200 + 0.20Y G = 500 X = 250 M = 100 + 0.10Y
Economics