If a family has set a side $100 to spend on entertainment-and will not spend one penny more nor one penny less—then its demand for entertainment is: a. Elastic b. Inelastic c. of unit elasticity d. unknown

If a family has set a side $100 to spend on entertainment-and will not spend one penny more nor one penny less—then its demand for entertainment is: a. Elastic b. Inelastic c. of unit elasticity d. unknown

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 7SQ

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If a family has set a side $100 to spend on entertainment-and will not spend one penny more nor one penny less—then its demand for entertainment is:

a. Elastic

b. Inelastic

c. of unit elasticity

d. unknown

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