The demand for goods such as telephone service and medical care tend to be
A. perfectly elastic.
B. relatively elastic.
C. unit elastic.
D. relatively inelastic.
D. relatively inelastic.
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In a free market there are significant restrictions on how a good or service can be produced or sold
Indicate whether the statement is true or false
If the Federal Reserve was to buy U.S. dollars on the foreign exchange market, a likely result will be: a. a rightward shift in the dollar supply curve
b. at least a temporary decline in the exchange value of the U.S. dollar. c. at least a temporary increase in the exchange value of the U.S. dollar. d. both (a) and (b)
When a market is monopolistically competitive, the typical firm in the market is likely to experience a
a. positive profit in the short run and in the long run. b. positive or negative profit in the short run and a zero profit in the long run. c. zero profit in the short run and a positive or negative profit in the long run. d. zero profit in the short run and in the long run.
A long term partnership between companies to jointly develop produce or sell products
What will be an ideal response?