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Author Question: During the mid-2000s, the average price of a used car fell by nearly 500 and the quantity sold ... (Read 93 times)

luminitza

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on: Jun 29, 2018
During the mid-2000s, the average price of a used car fell by nearly 500 and the quantity sold nation-wide decreased by several thousands each year. This set of results is a contradiction of the law of demand.
 
  Indicate whether the statement is true or false

Question 2

If the quantity demanded of a good decreases by 10 percent when the price of the good increases by 5 percent, the elasticity of demand is -2.00.
 
  Indicate whether the statement is true or false


Christopher

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Reply #1 on: Jun 29, 2018
Answer to Question 1

FALSE

Answer to Question 2

FALSE


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