When a manufacturer of pain medication reduced the price of the medication by 30%, revenue declined by almost exactly 30%, which means that the demand for the item did not go up or down. Based on this information, demand for the product is a. inelastic. c. unit elastic. b. elastic. d. complementary.

Question and answer

Question

Asked 1/22/2014 9:12:37 PM

Updated 8/21/2014 3:40:17 PM

1 Answer/Comment

Get an answer

Search for an answer or ask Weegy.

Original conversation

User: When a manufacturer of pain medication reduced the price of the medication by 30%, revenue declined by almost exactly 30%, which means that the demand for the item did not go up or down. Based on this information, demand for the product is a. inelastic. c. unit elastic. b. elastic. d. complementary.

Weegy: b. elastic.
johndixon|Points 20|

User: ____________ are geared towards benefitting society. a. Trade associations c. Producer cooperatives b. Nonprofit organizations d. Limited partnerships

Weegy: A)nonprofit organizations
chico007hgo|Points 522|

User: Which is a disadvantage of Capitalism? a. inefficiency in the marketplace c. may lack in the production of public goods b. higher taxes d. too much governmental control

Weegy: a. inefficiency in the marketplace is a disadvantage of Capitalism
OxTornado007|Points 6899|

User: What is a fringe benefit? a. a cash payment for casual work b. a business other than sales or marketing c. a payment other than wages or salaries d. an accounting term meaning profits

Weegy: C)a payment to employees other than wages or salaries
justpretty|Points 1771|

User: The term that describes how markets regulate themselves is known as: a. laissez-faire. c. the circular flow of income. b. the invisible hand. d. a command economy.

Weegy: The term that describes how markets regulate themselves is known as:
B. The invisible hand.

User: If the government deregulates the airline industry then: a. less competition will be expected c. a perfectly competitive market will exist b. producers will have more control over the price charged for their product d. none of the above

Weegy: If the government deregulates the airline industry then: Answer: a. less competition will be expected
paral|Points 5546|

User: A receipt showing that an investor has made an interest bearing loan to a bank or a government or a corporate bond. a. mutual fund c. pension b. certificate of deposit d. premium

User: Which of the following is a price index? a. GNP c. Implicit GDP Price Deflator b. Net National Product d. PSI

Weegy: d. PSI is a price index.
paral|Points 5546|

User: A firm sells natural gas to a city for one price and sells the same gas to an outlying village at another price. What is this practice called? a. oligopoly c. differentiation b. monopoly d. price discrimination

Weegy: a. oligopoly
southboy|Points 60|

User: A firm will produce a level of output at which marginal revenue is equal to: a. average revenue. c. marginal cost. b. fixed costs plus variable costs. d. average cost.

User: The traditional theory of wage determination holds that differences in wage rates can be explained by a. supply and demand. c. collective bargaining. b. regional differences. d. labor mobility.

Weegy: The traditional theory of wage and determinations differences explained by A. supply and demand
MrG|Points 5391|

User: The principal or total amount initially borrowed that must be repaid to the lender at maturity. a. value c. total value b. par value d. none of the above

Weegy:
The principal or total amount initially borrowed that must be repaid to the lender at maturity is PAR VALUE.

User: Which of the following is one of the five causes of a business cycle? a. decrease in consumer demand c. recession b. external shocks d. none of the above

Question

Asked 1/22/2014 9:12:37 PM

Updated 8/21/2014 3:40:17 PM

1 Answer/Comment

New answers

Rating

emdjay23

External shocks is one of the five causes of a business cycle.

Added 8/21/2014 3:40:17 PM

This answer has been confirmed as correct and helpful.

Confirmed by selymi [8/24/2014 12:39:34 PM]

Comments