Correct answer
C. demand is inelastic
Explanation
The correct answer is demand is inelastic.
Which is an example of a pivotal social institution?
Which of the following statements about price and marginal cost in competitive and monopolized markets is true?
Suppose that the price of a new bicycle is Rs300 Natalie values a new bicycle at Rs 400 it costs Rs200 for the seller to produce the new bicycle. What is the value of total surplus if Natalie buys a new bike?
A significant portion of actual world trade patterns results from?
The merger of fiber producer and a clothing firm would be ________ merger?
How is your purchase in Pakistan of a Rs40,000 BMW automobile that was produced entirely in Germany recorded in the Pakistan’s GDP accounts?