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

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter6: Elasticity

Section: Chapter Questions

Problem 1QP

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Question

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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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