A 10 percent increase in the cost of restaurant meals, which are a luxury, will most likely
a. increase the purchase of meals by 10 percent.
b. increase the purchase of meals by less than 10 percent.
c. decrease the purchase of meals by more than 10 percent.
d. decrease the purchase of meals by less than 10 percent.
c
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The Second Bank of the United States rose to prominence under the leadership of:
a. Alexander Hamilton. b. Andrew Jackson. c. Henry Clay. d. Nicholas Biddle.
If a good has a perfectly inelastic short-run supply curve, an increase in demand will: a. increase the price and quantity exchanged in the short run
b. increase the price and but leave the quantity exchanged the same in the short run. c. increase the quantity exchanged but leave the price the same in the short run. d. leave both price and quantity exchanged the same in the short run.