If the consumption of sugar does not change at all following a price increase from 50 cents per pound to 65 cents per pound, the demand for sugar is considered to be
A) relatively inelastic.
B) perfectly elastic.
C) perfectly inelastic.
D) unitary elastic.
C
Economics
You might also like to view...
The classical model makes little distinction between the long run and short run because
A) wages and prices adjust so fast that the economy is quickly moving towards the long run. B) the model has not been fully developed yet. C) current changes influence the long run, so it is not possible to plan for the future. D) the classical economists knew that we are always operating in the short run.
Economics
An increase in government spending
A) increases consumption and output. B) increases consumption, decreases output. C) decreases consumption, increases output. D) decreases consumption and output.
Economics