Inelastic demand exists when a small percentage decrease in price produces a smaller percentage increase in quantity demanded. the quantity demanded remains the same regardless of any changes in marketing strategies. the price is governed by outsides entities but the demand remains high due to these restrictions that make the product exclusive. a small percentage increase in price produces a larger percentage increase in quantity demanded. an increase in price is impossible due to government restrictions.

3. describe the purpose of the sec. (1-4 sentences. 2.0 points)

How many months does the federal budget usually take to prepare

Consider the labor market for computer programmers. during the late 1990s, the value of the marginal product of all computer programmers increased dramatically. holding all else equal, what effect did this process have on the labor market for computer programmers? the equilibrium wagea. increased, and the equilibrium quantity of labor decreased. b. decreased, and the equilibrium quantity of labor increased. c. increased, and the equilibrium quantity of labor increased. d. decreased, and the equilibrium quantity of labor decreased.