Relative to a cure for AIDS, the demand for an AIDS vaccine would be
A. more inelastic.
B. equal in elasticity.
C. more elastic.
D. not as elastic.
Answer: C
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An economic model is a complex version of reality used to analyze real-world economic situations
Indicate whether the statement is true or false
A tavern is likely to have a ______________________ price elasticity of supply than does an antiques dealer due to ______________________.
A. more elastic; availability of inputs B. less elastic; availability of inputs C. less elastic; a longer adjustment time D. less elastic; a shorter adjustment time
The productivity slowdown in the U.S. from 1973 to 1995
a. can be explained easily with economic theory. b. continued into the third millennium. c. still confuses economists. d. was a continuation of the slowdown from 1948 to 1973.
What is the price elasticity of demand at any point on a perfectly inelastic demand curve?