[Answered] Which of the following is likely to have the smallest price elasticity of demand? A) an ...

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misspop

Hero Member
Posts: 540

on: Jun 29, 2018

Which of the following is likely to have the smallest price elasticity of demand?

A) an automobile
B) a new automobile
C) a new Ford automobile
D) a new Ford Mustang

Question 2

The government increases taxes. As a result, in the short run, real GDP ________ and the price level ________.

A) increases; rises
B) decreases; falls
C) decreases; rises
D) increases; falls

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Marked as best answer by a Subject Expert

TheNamesImani

Sr. Member
Posts: 334

Reply #1 on: Jun 29, 2018

Answer to Question 1

A

Answer to Question 2

B

misspop

Hero Member
Posts: 540

Reply #2 on: Jun 29, 2018

Thank you

TheNamesImani

Sr. Member
Posts: 334

Reply #3 on: Jun 29, 2018

Happy to help you

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