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NEW QUESTION: 1
If the demand for a normal good is inelastic, then the sales price of the product would increase following
a(n):
A. Increase in the supply of the product.
B. Decrease in the price of a substitute good.
C. Decrease in the supply of the product.
D. Increase in the number of suppliers of the product.
Answer: C
Explanation:
Choice "c" is correct. If demand is perfectly inelastic (or not price sensitive), there will be no change in
quantity demanded for a change in price. This means that consumers of the product will demand a
constant quantity, regardless of the price. If the quantity supplied is reduced (presumably below an
equilibrium point where supply equals demand), there will be excess demand for the product and sales
price will go up. The increase in sales price will have no impact on demand (because demand is assumed
to be perfectly price inelastic). Choices "a", "b", and "d" are incorrect, per the above Explanation: .

NEW QUESTION: 2
The expression below is which of the following?

A. General term for the Pascal distribution.
B. General term for the Poisson distribution.
C. General term for the binomial distribution.
D. General term for the hypergeometric distribution.
Answer: C

NEW QUESTION: 3
If a phone has a device CSS that permits access to all internal and external numbers, which line CSS, would prevent access to toll free numbers?
A. block local, block international
B. block local, toll free and block international
C. block toll free
D. block local, block long distance, block toll free
Answer: C
Explanation:
block local will block every call