If a one percent increase in the population leads to a five percent increase in the quantity sold, an economist would claim
A) the good is elastic with respect to population.
B) the good is inelastic with respect to population.
C) the good is a fad.
D) consumers are misinformed about the quality of the product.
A
Economics
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The above figures show the market for hamburger meat. Which figure(s) shows the effect of an increase in the price of a substitute like hot dogs?
A) Figure A B) Figure C C) Figure D D) Figures A and C
Economics
If aggregate expenditure is more than GDP, then inventories fall and GDP rises
Indicate whether the statement is true or false
Economics