If the Palace Cinema can sell 200 tickets at 4 and 300 tickets at 3, the demand for Palace Cinema tickets between the two prices is
A) elastic.
B) inelastic.
C) marginal.
D) unit elastic.
Question 2
We do not have reliable information on the time lags between expansionary fiscal and monetary policy actions and their effect on production and prices because
A) Congress has reduced the funds available to the Bureau of Economic Analysis.
B) economists believe any discretionary policy would only make matters worse.
C) economists have only recently discovered the importance of this problem.
D) the length of the lags will depend in large part on how long they are thought to be.
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