Author Question: If the demand for a good is perfectly inelastic, then: a. the value of price elasticity of demand ... (Read 95 times)

oliviahorn72 · **on:** Jun 30, 2018

If the demand for a good is perfectly inelastic, then:
a. the value of price elasticity of demand of the good is equal to 1.
b. the value of price elasticity of demand of the good is equal to -1.
c. the demand curve of the good is nonexistent.
d. consumers are very responsive to a change in the price of the good.
e. quantity demanded does not change when price of the good changes.

Question 2

If you win money in a casino you may be more likely to spend that money than your hard-earned cash. This is called:
a. compartmentalizing
b. self control
c. rule of thumb
d. anchoring