Using the data in the table above, the demand for skirts is
A) elastic.
B) unit elastic.
C) inelastic.
D) indeterminate.
E) perfectly inelastic.
C
Economics
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Which of the following statements about economic models is TRUE?
A) A good economic model is complex. B) A good model does not rely on any assumptions. C) Every model is based on a set of assumptions. D) Economic models are designed to explain what people need.
Economics
If demand is elastic, then
a. the percentage change in quantity demanded is larger in absolute value than the percentage change in price b. supply is inelastic c. prices can neither rise nor fall d. the percentage change in quantity demanded is smaller in absolute value than the percentage change in price e. supply is elastic
Economics