At a local ice cream parlor, when the price of half-gallons of chocolate ice cream was lowered by fifty cents per half-gallon, total revenue from the sale of chocolate ice cream decreased. This result indicates that
A) there are more people who like vanilla ice cream than there are people who like chocolate ice cream.
B) the demand for chocolate ice cream is inelastic.
C) the demand for chocolate ice cream is elastic.
D) None of the above answers is correct.
B
Economics
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When an economy experiences a recession there is
A) a rightward shift of the short-run Phillips curve. B) a leftward shift of the short-run Phillips curve. C) no change in the short-run Phillips curve. D) a downward movement along the short-run Phillips curve. E) an upward movement along the short-run Phillips curve.
Economics
According to Table 10.1, the unemployment rate for high school dropouts is just under twice that of college graduates for males ages 25-64
Indicate whether the statement is true or false
Economics