Refer to the diagram. Demand is relatively inelastic:
A. at price P 3 .
B. at any price below P 2 .
C. in the P 2 P 4 price range.
D. in the P 2 P 3 price range.
B. at any price below P 2 .
Economics
You might also like to view...
If a city government enacts a maximum price on rent,
A) quantity supplied will decrease. B) quantity demanded will increase. C) allocational problems develop. D) All of the above.
Economics
The market mechanism
A. Works through central planning by government. B. Eliminates market failures created by government. C. Works because prices serve as a means of communication between consumers and producers. D. Is not a very efficient means of communicating consumer demand to the producers of goods and services.
Economics