When demand is inelastic the price elasticity of demand is

If the price of a commodity changes by 3% and the quantity supplied<br/>changes by 2%, the supply of the commodity ( ) A: inelastic B: elastic C: unit elastic D: completely inelastic

To maximize profit, the monopolist produces on the ________ portion of its demand where ________. A: elastic; P = MC B: elastic; MR = MC C: inelastic; P = MC D: inelastic; MR = MC

Which of the following is likely to have the most price inelastic demand?_

If the supply of land were perfectly inelastic, a tax on land would be paid:

According to the Marshall-Lerner approach, a currency depreciation will best lead to an improvement on the home country's trade balance when the: A: Home demand for imports is inelastic--foreign export demand is inelastic B: Home demand for imports is inelastic--foreign export demand is elastic C: Home demand for imports is elastic--foreign export demand is inelastic D: Home demand for imports is elastic--foreign export demand is inelastic

For baseball card collectors, Babe Ruth baseball cards from 1927 are definitely A: perfectly inelastic in demand. B: perfectly inelastic in supply. C: complements for Bobby Bonds cards. D: substitutes for Bobby Bonds cards.

If corn farmers know that the demand for corn is inelastic, and they want to increase their total revenue, they should all

To maximize profit, the monopolist produces on the ________ portion of the demand curve where ________. A: elastic; price equals marginal cost B: elastic; marginal revenue equals marginal cost C: inelastic; price equals marginal revenue D: inelastic; marginal revenue equals marginal cost

Business travel is greatly influenced by business related attractions such as（） A: conferences and exhibitions B: inelastic prices C: big-city orientations D: executive’s needs