Which of the following would most likely feature elastic demand?
a. heart surgery
b. a required textbook
c. fresh green beans
d. all of the above
c
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Tariffs
A. may be imposed either to raise revenue or to shield domestic producers from foreign competition. B. are excise taxes on goods exported abroad. C. are per-unit subsidies designed to promote exports. D. are also called import quotas.
In the case of the perfectly competitive firm:
A) marginal revenue equals the market price.
B) marginal revenue is greater than the market price.
C) marginal revenue is less than the market price.
D) marginal revenue is equal to, less than, or greater than market price depending on the level of output.
The quantity theory of money implies that a 3% increase in the money supply will eventually cause
A. a 3% decrease in the unemployment rate. B. a 3% increase in disposable income. C. a 3% increase in real GDP. D. a 3% increase in the price level.
If the marginal product of labor is less than the average product of labor, then the average product of labor is increasing.
Answer the following statement true (T) or false (F)