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Unformatted text preview: D. Equilibrium price would fall, and the equilibrium quantity could rise or fall. Correct Answer: D. Equilibrium price would fall, and the equilibrium quantity could rise or fall. Question 29 3 out of 3 points Perfume industry statistics show that over the past five years, the umber of bottles of perfume sold decreased by 30%, but the dollar amount spend by consumers was unchanged. This means that Selected Answer: D. demand was unitary elastic. Correct Answer: D. demand was unitary elastic....
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This note was uploaded on 04/14/2010 for the course ECONOMICS 2345 taught by Professor Jamison during the Spring '10 term at York University.
- Spring '10