Elasticity measures are preferred by economists to measures of slope when analyzing changes in the quantity of a good consumers purchase because
a. they are harder to calculate.
b. the measure of slope is dependent upon the units of measurement, elasticity is not.
c. the measure of slope does not have any units of measurement, elasticity does.
d. elasticity measures depend upon the type of currency, slope does not.
b. the measure of slope is dependent upon the units of measurement, elasticity is not.
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In the long run, the firms in a perfectly competitive market
A) maximize their profit. B) make an economic profit. C) display price setting behavior. D) are protected by barriers to entry.
Information technologies are a ________ for low-skilled labor and a ________ for high-skilled labor
A) substitute; substitute B) complement; complement C) substitute; complement D) complement; substitute
Productivity growth is important because: a. it is the only way an economy can increase GDP
b. a small decrease in productivity growth causes a large decline in GDP. c. a large increase in productivity growth causes a small decrease in GDP. d. it causes an increase in the quantity of all resources available to an economy. e. it ultimately increases a nation's standard of living.
Price ____ occurs when producers charge different customers different prices for the same good or service
a. maximization b. discrimination c. regulation d. management