The value of price elasticity of demand is more likely to be above 1 if:
a. consumers have a long time to adjust to a price change.
b. the product is a necessity.
c. demand is inelastic.
d. there are few close substitutes for the product.
e. total revenue declines in response to a price reduction.
Question 2
An increase in total utility would be depicted using indifference curve analysis as:
a. a movement down along an indifference curve to the southeast.
b. a movement up along an indifference curve to the northwest.
c. a movement from one indifference curve to another located to the northeast.
d. a movement from one indifference curve to another located to the southwest.
The U.S. Long-Term Ecological Research (LTER) network.
When young infants hold objects for a long period of time they eventually become habituated to them.
A long, narrow cobbled street in Old San Juan.
How long does it take for 90% of a sample of strontium-90 (half-life of 28.8 years) to decay?
A reciprocal translocation involving the long arms of chromosomes
If the price charged for a candy bar is p(x) cents, then x thousand candy bars will be sold in ...