In general, the larger the price elasticity:
a. the smaller the responsiveness of price to changes in quantity.
b. the smaller the responsiveness of quantity to changes in price.
c. the larger the responsiveness of price to changes in quantity.
d. the larger the responsiveness of quantity to changes in price.
d
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The discount rate is
a. the rate at which public banks lend to other public banks. b. the rate at which the Fed lends to banks. c. the percentage difference between the face value of a Treasury bond and what the Fed pays for it. d. the percentage of deposits banks hold as excess reserves.
Figure 5-19
In Figure 5-19, the consumer experiences at point C
a.
greater total utility than at point D.
b.
greater total utility than at point E.
c.
less total utility than at point D.
d.
total utility equal to that experienced at point D.