A corn farmer is likely to have a ________ price elasticity of supply than does a tree farmer due to ________.
A. more elastic; a less flexible production process
B. more elastic; a more flexible production process
C. less elastic; a less flexible production process
D. less elastic; a more flexible production process
Answer: B
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A consumer might consider in-line skates and elbow-pads to be
A) products with upward sloping demand curves. B) unrelated goods. C) complements. D) substitutes.
In monopolistic competition, each firm's marginal revenue curve lies ________ its demand curve because of ________
A) below; barriers to entry B) below; product differentiation C) above; barriers to entry D) above; product differentiation
Which of the following defines monopoly?
A) Sherman Act B) Clayton Act C) Federal Trade Commission Act D) none of the above
Human Development Index
- What are the advantages of using a measure such as the to compare economic wellbeing across countries?
- Why might there be some problems is using per capita GDP as a way of comparing economic well being in different countries? As part of your answer, consider the effect of differences in:
- household production
- pollution
- crime
- leisure time
- income distribution
- While the may be a reasonable measure to compare wellbeing in different countries, would it be a very useful guide to policymakers conducting fiscal and monetary policy in a given economy? Why are most government policymakers more concerned with GDP?