In the case of perfectly inelastic demand,
a. the change in quantity demanded equals the change in price.
b. the percentage change in quantity demanded equals the percentage change in price.
c. infinitely-large changes in quantity demanded result from very small changes in the price.
d. quantity demanded stays the same whenever price changes.
d
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According to Keynesian analysis, if government expenditures and taxes are increased by the same amount, which of the following will occur?
A) Aggregate supply will decrease B) Aggregate supply will increase C) Aggregate demand will be unaffected D) Aggregate demand will decrease E) Aggregate demand will increase
Which of the following is an example of a temporary price differential in a resource market?
a. land downtown is more expensive than land in the suburbs b. a superstar professional basketball player is paid more than the average professional player c. cable television installers have a higher wage than telephone installers d. an airline pilot is paid more than a flight attendant e. a worker in a toxic waste plant earns more than a teacher