As We Move Downward and to the Right Along a Linear,downward-Sloping

question 268

Multiple Choice

As we move downward and to the right along a linear,downward-sloping demand curve,

• A)both slope and elasticity remain constant.
• B)slope changes but elasticity remains constant.
• C)both slope and elasticity change.
• D)slope remains constant but elasticity changes.

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Definitions:

Private Ownership

The holding of property by non-governmental legal entities or individuals, allowing control and use of the property according to the owner's preferences.

Dollar Votes

The “votes” that consumers cast for the production of preferred products when they purchase those products rather than the alternatives that were also available.

Product Market

A marketplace where final goods or services are bought and sold by consumers, businesses, and the government.

Laissez-Faire Capitalism

A hypothetical economic system in which the government’s economic role is limited to protecting private property and establishing a legal environment appropriate to the operation of markets in which only mutually agreeable transactions take place between buyers and sellers; sometimes referred to as “pure capitalism.”