Which of the following statements, all made by a car rental agency, describes an inelastic demand curve? A. "We're worried that a recession will mean a big drop in sales" B. "As the price of rental cars has increased, we've doubled our rental car inventory" C. "We've doubled the hourly pay for our desk jobs, but still no one is applying!" D. Last summer we increased the price of rental cars by 50%, and we still rented 90% of our typical quantity.
Which of the following statements, all made by a car rental agency, describes an inelastic demand curve? A. "We're worried that a recession will mean a big drop in sales" B. "As the price of rental cars has increased, we've doubled our rental car inventory" C. "We've doubled the hourly pay for our desk jobs, but still no one is applying!" D. Last summer we increased the price of rental cars by 50%, and we still rented 90% of our typical quantity.
Chapter3: Market Demand And Supply
Section: Chapter Questions
Problem 6SQ
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Which of the following statements, all made by a car rental agency, describes an
A. "We're worried that a recession will mean a big drop in sales"
B. "As the
C. "We've doubled the hourly pay for our desk jobs, but still no one is applying!"
D. Last summer we increased the price of rental cars by 50%, and we still rented 90% of our typical quantity.
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