Multiple Choice
If the short-run elasticity of demand for bus travel is 1.01, its long run elasticity of demand is likely to be _____.
A) unit elastic
B) greater than 1.01
C) equal to 1.01
D) less than 1.01
E) perfectly inelastic
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q34: For nondurable goods, _.<br>A)the short-run demand curve
Q35: A jeweler cut prices in his store
Q36: For a given increase in price, _.<br>A)a
Q36: If Ming is willing to pay $75
Q37: Erin likes a Vera Wang wedding gown
Q39: Lydia enjoys going to the theater to
Q40: Based upon the following estimates of price
Q41: The table below shows the price elasticity
Q42: Explain the impact of:<br>a. A rent ceiling
Q43: Identify the correct statement about the price