For a good that is a necessity, demand
a. tends to be inelastic.
b. tends to be elastic.
c. has unit elasticity.
d. cannot be represented by a demand curve in the usual way.
a
You might also like to view...
Which of the following is true of the federal budget process in the U.S.? a. Congress must approve a budget with at least a two-thirds majority vote
b. The federal budget must be balanced each year because the volume of international trade reduces if the government has a surplus or a deficit. c. Most federal outlays are determined by existing laws. d. Congress approves a budget that separates the capital budget and the operating budget. e. Detailed budgeting allows the party in power to reward supporters.
Refer to the table representing Darcy's bank account. Assuming that $1,000 was deposited into her account at the beginning of year 1, and no further deposits or withdrawals were made, which cell(s) represents the future value of the initial deposit if the money remains in the account for two years?
A. Cell B only.
B. Cell A only.
C. Cells A and D.
D. Cells B and C.