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

Since<br/>the amount of land is fixed, the total supply of land<br/>is_____________ A: relatively<br/>elastic. B: perfectly<br/>elastic. C: perfectly<br/>inelastic. D: relatively<br/>inelastic.

A vertical supply curve may be described as: A: relatively price elastic. B: perfectly price inelastic. C: relatively price inelastic. D: perfectly price elastic. E: none of the above are accurate descriptions.

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.

As a result of running high temperature this summer in the south of China, the corn crop declined sharply. If corn growers experienced an increase in sales revenue, the demand for corn must be ( ) A: price elastic. B: price inelastic. C: unitary elastic. D: perfectly inelastic.