The price of insulin increases by 5% and quantity demanded of insulin remains unchanged. The demand for insulin is:
A) infinitely elastic
B) totally inelastic
C) income elastic
D) unit elastic
Correct Answer:
Verified
Q12: If a price ceiling is implemented:
A) all
Q13: If total revenue remains constant after price
Q14: Price elasticity of supply is the:
A) ratio
Q15: Which of the following is likely to
Q16: If a minimum price is set above
Q18: The price of petrol increases by 20%
Q19: The government imposes a maximum rent on
Q20: The income elasticity of chocolate is 0.8.
Q21: If your income increased by 5% and
Q22: If the cross- price elasticity of demand
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