If the demand curve is unit elastic, this implies that:
a. consumers do not react to a change in product price.
b. the good can only be purchased in units of 1.
c. this good has no good substitutes.
d. the good is a basic food staple.
e. the percentage change in the quantity demanded = the percentage change in product price.
e
Economics
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A chart that lists how much of a good a supplier will offer at various prices:
a. subsidy b. supply schedule c. law of supply d. elasticity of supply e. excise tax
Economics
Suppose Woody's Cabinetmaking calculates the following information for each cabinet produced in a given month: P = $300; Q = 100; AFC = $10; AVC = $140 . Woody's total profit for that month is
a. $140 b. $150 c. $15,000 d. $30,000 e. impossible to determine
Economics