When the consumer spends a small portion of his income on a good, demand will be
A. elastic.
B. unit-elastic.
C. inelastic.
D. elastic, unit-elastic or inelastic depending upon supply.
Answer: C
Economics
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When a region can produce a good or service at a lower opportunity cost than others, it is said to have a(n) ______ advantage.
a. comparative b. productivity c. specialized d. absolute
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Economists assume that business firms attempt to maximize their profits.
Answer the following statement true (T) or false (F)
Economics