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Author Question: A 0.5 increase in the price of a particular product causes the quantity demanded of the product to ... (Read 91 times)

elizabeth18

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on: Jun 30, 2018
A 0.5 increase in the price of a particular product causes the quantity demanded of the product to drop to zero. This means that the price elasticity of demand for the product is:
 a. perfectly elastic.
 b. unit-elastic.
 c. perfectly inelastic.
 d. moderately elastic.
 e. moderately inelastic.

Question 2

Indifference curves typically
 a. cross each other.
 b. have a positive slope.
 c. are convex from the origin.
  d. are concave from the origin.


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AmberC1996

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Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

c


elizabeth18

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Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

Dnite

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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