Jim saw a decrease in the quantity demanded for his firm's product from 800 . to 600 . units a week when he raised the price of the product from $200 to $250 . Based on this information, the demand for Jim's product is
a. Elastic
b. Unitary elastic
c. Inelastic
d. Hard to determine
a
Economics
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If inflation is making it difficult for people to estimate the true marginal benefits and true marginal costs of activities, inflation is leading to
A) confusion costs. B) uncertainty costs. C) tax costs. D) shoe-leather costs. E) increased economic growth.
Economics
The division of the burden of a tax between buyers and sellers in a market is called tax allocation
Indicate whether the statement is true or false
Economics