The demand for grape-flavored Hubba Bubba bubble gum is likely
a. inelastic because there are many close substitutes for grape-flavored Hubba Bubba .
b. elastic because there are many close substitutes for grape-flavored Hubba Bubba.
c. inelastic because the market is broadly defined.
d. elastic because the market is broadly defined.
b
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How do economists define efficiency? Elaborate.
What will be an ideal response?
The quantity of labor demanded definitely increases if the
A) supply of labor decreases. B) real wage rate falls. C) nominal wage rate rises. D) real wage rate rises. E) nominal wage rate falls.
In the above figure, the economy is at point A and the money wage rate falls by 10 percent. If the price level is constant, firms will be willing to supply output equal to
A) less than $16.0 trillion. B) $16.0 trillion. C) more than $16.0 trillion. D) Without more information, it is impossible to determine which of the above answers is correct.
When two _____ monopolists merge, one division of the newly merged company will transfer its output to another division at its actual cost, instead of its profit maximizing price
a. price discriminating b. natural c. output rationing d. successive