Cyclical deficit (surplus):
What will be an ideal response?
the portion of the deficit (or
surplus) that is caused by fluctuations in the business cycle
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Buy Airline Tickets over the Weekend A recent study by economists Steven Puller and Lisa Taylor found that airline tickets purchased over the weekend were priced 5% lower on average. Why would airlines charge lower prices to customers making bookings on the weekend?
Answer the following statements true (T) or false (F)
1. The demand for necessities and goods that require a small expenditure tends to be price inelastic. 2. If total revenue decreases when a price is decreased, the demand for the commodity is elastic. 3. If the coefficient of elasticity for a commodity is 1.5 and the price of that commodity is raised, total revenue will decrease. 4. The slope of a demand curve is a measure of elasticity. 5. The demand for a fur coat tends to be more price elastic than the demand for automobile tires.