The price elasticity of demand for furniture is estimated at 1.3. This value means a one percent increase in the
A) price of furniture will increase the quantity of furniture demanded by 1.3 percent.
B) price of furniture will decrease the quantity of furniture demanded by 1.3 percent.
C) quantity of furniture demanded will decrease the price of furniture by 1.3 percent.
D) quantity of furniture demanded will increase the price of furniture by 1.3 percent.
B
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The aggregate demand curve illustrates the relationship between ________ and the ________, holding constant all other factors that affect aggregate expenditure
A) the inflation rate; quantity of planned aggregate expenditure B) the price level; quantity of consumption expenditure C) the price level; quantity of planned aggregate expenditure D) the price level; quantity of planned investment expenditure
Which of the following government programs provides recipients with unrestricted cash payments?
a. Temporary Assistance to Needy Families (TANF). b. Medicaid. c. The food stamp program (SNAP). d. Housing assistance programs.