The supply of a good will be more elastic, the
a. more the good is considered a luxury.
b. broader is the definition of the market for the good.
c. larger the number of close substitutes for the good.
d. longer the time period being considered.
d
You might also like to view...
Business cycles disappear when firms
A) hold nominal wages constant as nominal demand changes. B) hold prices constant as nominal demand changes. C) change prices proportionately with nominal demand changes. D) change wages proportionately with nominal demand changes.
A ________ is a congressional agreement about total outlays, spending by major category, and expected revenues, that guides spending and revenue decisions by the many congressional committees and subcommittees
a. continuing resolution b. budget resolution c. disclaimer vote d. filibuster
Which of the following are factors that will modify the size of the deposit expansion multiplier?
A. A foreign trade imbalance B. Cash C. Excess reserves D. Change in reserve requirements of all these factors
Mexico has a comparative advantage in producing corn:
A. regardless of the opportunity cost in other countries. B. if its opportunity cost of producing corn is higher than the opportunity cost in other countries. C. if its opportunity cost of producing corn is lower than the opportunity cost in other countries. D. if its opportunity cost of producing corn is the same as the opportunity cost in other countries.