When price elasticity is less than -1, consumer spending increases as price falls.
Answer the following statement true (T) or false (F)
True
Rationale: This is the case where consumers are relatively responsive to changes in price -- which implies they will buy sufficiently more as price falls to cause consumer spending to increase.
Economics
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The AFL and CIO merged because it was thought that
A) organized labor would grow faster as a result. B) union pension funds would shrink as a result. C) strikes could be averted. D) managers would be more sympathetic to unions.
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Which of the following would be considered an economic function of government?
A) providing a legal system B) promoting competition C) providing public goods D) All of the above are correct.
Economics