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Author Question: An economic survey observed that a 20 percent cut in the price of a certain line of women's ... (Read 38 times)

kellyjaisingh

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on: Jun 30, 2018
An economic survey observed that a 20 percent cut in the price of a certain line of women's clothing, almost doubled the quantity demanded of the clothing. This led economists to conclude that the demand for this line of clothing is _____.
 a. highly elastic
  b. highly inelastic
  c. unit-elastic
  d. perfectly elastic
  e. perfectly inelastic

Question 2

A consumer's indifference curve shows:
 a. all the commodity bundles a consumer can afford.
 b. only commodity bundles that maximize utility.
 c. the equilibrium commodity bundles.
 d. various combinations of goods that yield the same level of total utility to this consumer.


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jomama

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

a

Answer to Question 2

d


kellyjaisingh

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

tanna.moeller

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Reply 3 on: Yesterday
:D TYSM

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