If consumers are sensitive to price changes for a particular good, their demand for the good is said to be ________.
Fill in the blank(s) with the appropriate word(s).
elastic
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As used in this text, "autonomous" variables are
A) spontaneous variables that are completely unpredictable. B) completely independent of income, although they can be explained by movements in other variables. C) determined only by income levels. D) the same as endogenous variables.
Suppose a monopsonist wants to hire more workers. If it has to pay the same wage to all of its workers, the:
a. marginal factor cost will fall while the wage will rise. b. wage will fall while the marginal factor cost will rise. c. difference between the wage and marginal factor cost will become smaller. d. difference between the wage and the labor supply curve will increase. e. wage and the marginal factor cost will increase.
Tools a government might use to pursue industrial policy might be all of the following except:
A. incentives for foreign direct investment. B. offer tax breaks to firms. C. investment in research to create more growth. D. directly manipulate markets in order to control prices.
Countries like _________ have no reserve requirements at all
a. England b. Canada c. Australia d. all of the above e. none of the above.