Suppose a local photographer increases his prices by 8 percent and quantity demanded decreases by the same percentage. This set of facts indicates that the demand for his services is
A) inelastic.
B) elastic.
C) unit elastic.
D) perfectly elastic.
E) perfectly inelastic.
C
Economics
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Changes in government spending and/or taxes as the result of legislation is called:
a. open market operations of the Federal Reserve. b. discretionary fiscal policy. c. balanced budget operations. d. discretionary monetary policy.
Economics
A theory is a(n)
a. answer to a problem. b. way to explain the result an economist wants. c. tool to help determine the answer to a problem. d. a graph.
Economics