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Author Question: In 2006, the base price of a Hummer SUV was about 30,000. By 2008 as gasoline prices increased, ... (Read 440 times)

09madisonrousseau09

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on: Jun 29, 2018
In 2006, the base price of a Hummer SUV was about 30,000. By 2008 as gasoline prices increased,
 
  A) the demand curve for Hummers shifted leftward and Hummer prices decreased.
  B) the demand curve for Hummers shifted rightward and Hummer prices increased.
  C) there was a movement down along the Hummer demand curve.
  D) there was a movement up along the Hummer supply curve.

Question 2

The price elasticity of demand is constant along a straight-line demand curve. Is this statement true or false?
 
  Indicate whether the statement is true or false


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ErinKing

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

A

Answer to Question 2

False. The price elasticity of demand decreases when moving downward along a straight-line demand curve.


09madisonrousseau09

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

dantucker

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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