The less time that elapses, the
A. greater the income elasticity of demand for a product.
B. less price elastic is the demand for the product.
C. smaller the income elasticity of demand for the product.
D. more price elastic is the demand for the product.
Answer: B
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In the above figure, if the natural monopoly is not regulated it will produce
A) 12 million units at a price of $18 per unit. B) 8 million units at a price of $12 per unit. C) 8 million units at a price of $21 per unit. D) 8 million units at a price of $24 per unit.
Refer to Figure 19-3. If the Thai government pegs its currency to the dollar at a value above $.03/baht, we would say the currency is
A) undervalued. B) equilibrium valued. C) overvalued. D) parity valued.
A decrease in the demand for peanut butter could be caused by a(n)
a. increase in the supply of peanut butter b. increase in the price of peanut butter c. doubling of the price of bread d. drought in Georgia that destroyed 30 percent of the peanut crop e. increase in consumer income
A tax raises the price received by sellers and lowers the price paid by buyers
a. True b. False Indicate whether the statement is true or false