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Author Question: For a given decrease in demand, the effect on price is smallest and the effect on quantity exchanged ... (Read 49 times)

nramada

  • Hero Member
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  • Posts: 580
on: Jun 30, 2018
For a given decrease in demand, the effect on price is smallest and the effect on quantity exchanged largest when:
 a. supply is perfectly elastic.
 b. supply is elastic.
 c. supply is unit elastic.
 d. supply is perfectly inelastic.

Question 2

An expansionary monetary policy is likely to increase real output more than just temporarily:
 a. when actual output currently is beyond the economy's long-run capacity.
  b. when the economy currently is at full employment.
 c. when the economy currently operates at less than capacity.
 d. at virtually any output level.


sarahccccc

  • Sr. Member
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Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

c


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