The U.S. non-institutional adult population consists of all civilians 16 years of age and older except which of the following:
a. those in prison
b. those in mental hospitals
c. those in homes for the aged
d. All of the above are excluded in the U.S. non-institutional adult population
d
Economics
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We say that a good has elastic demand whenever the absolute value of the price elasticity of demand is greater than one. A one percent change in price therefore causes
A) exactly a one percent change in the quantity demanded. B) a change of less than one percent in the quantity demanded. C) a greater than one percent change in quantity demanded. D) a change that cannot be determined based on one percent.
Economics
Why is the effect of a change in price of a substitute good potentially ambiguous?
What will be an ideal response?
Economics