Author Question: A doubling of the price of gasoline in the 1970s did not reduce consumption one iota. The person ... (Read 90 times)

Evvie72 · **on:** Jun 29, 2018

A doubling of the price of gasoline in the 1970s did not reduce consumption one iota. The person making the above claim evidently thinks the demand for gasoline is

A) completely elastic.
B) completely inelastic.
C) greater than the supply.
D) less than the supply.
E) unit elastic.

Question 2

If the price of chicken falls, then in the market for beef

A) the demand curve for beef shifts rightward.
B) the demand curve for beef shifts leftward.
C) there is a movement downward along the demand curve for beef.
D) there is a movement upward along the demand curve for beef.