Moving downward along a linear (straight-line) downward sloping demand curve, the
A) slope is constant.
B) price is constant.
C) quantity is constant.
D) elasticity is constant.
E) None of the above answers is correct.
A
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When a society's economic institutions provide secure property rights, set up a judicial system that enforces contracts and upholds the law, allow private parties to sign contracts for economic and financial transactions, and maintain relatively free
entry into different businesses and occupations, the institutions in the society can be said to be: A) inclusive. B) extractive. C) exogenous. D) exclusive.
Other things equal, an increase in aggregate demand will result in:
a. an economic expansion. b. higher unemployment and a lower equilibrium price level. c. an economic recession. d. a decrease in equilibrium real GDP and an increase in the equilibrium price level. e. a decrease in the overall economic welfare.