Multiple Choice
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.
Correct Answer:
Verified
Correct Answer:
Verified
Q22: If an item has several good substitutes,the
Q23: The cross-price elasticity of demand for coffee
Q24: If a firm decreases the price of
Q25: When purchases of tennis socks decline following
Q26: The income elasticity for most staple foods,such
Q28: Assuming mustard and burgers are complements,a decline
Q29: Demand is given by Q<sub>D</sub> = 6000
Q30: If the price elasticity of supply of
Q31: Suppose the price of beans rises from
Q32: Unions have generally been far more successful