If the quantity of tickets to the fair sold decreases by 10 percent when the price increases by 5 percent, the price elasticity of demand over this range of the demand curve is:
a. price elastic.
b. price inelastic.
c. perfectly inelastic.
d. unitary elastic.
a
Economics
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When any effort by government causes the supply of a good to rise, what happens to the supply curve for that good?
(A) The supply curve is not affected. (B) It shifts to the right. (C) It shifts to the left. (D) It reverses direction.
Economics
In a given year, U.S. nominal GDP was $2,784 billion and the GDP chain price index for that year is 60.4 . Real GDP is:
a. $1,682 billion. b. $4,609 billion. c. $3,889 billion. d. $4,000 billion.
Economics