If, for a producer, large changes in price lead to relatively small changes in quantity, the producer's
A) demand is price elastic.
B) demand is price inelastic.
C) supply is price elastic.
D) supply is price inelastic.
Question 2
A voting procedure in which voters initially rank alternatives, the alternative with the fewest first-place votes is eliminated and those votes are transferred to each voter's next-favorite choice,
and the process repeats until a winner emerges, is known as the
A) Borda-count method.
B) Condorcet method.
C) instant runoff method.
D) plurality-rule method
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