As the time to respond to a change in market conditions increases, the odds of supply being elastic:
a. Increase
b. Decrease.
c. Stay the same.
d. Cannot be determined.
a
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The relationship between the unemployment rate and the natural unemployment rate is that the unemployment rate
A) fluctuates about the natural rate. B) equals the natural rate. C) is always below the natural rate. D) is always above the natural rate.
Compared to IACs, LDCs are often characterized by:
a. lower life expectancy. b. lower adult literacy. c. lower per capita energy consumption. d. All of these.
In 2006, Jan and Lou bought a house for $100,000. After a year, they still owed $98,000, but the home was worth $220,000, so they used it as collateral to get a $90,000 loan to buy a boat. What have they done?
a. taken out a hybrid loan b. bought a mortgage-backed security c. borrowed against their equity d. entered a subprime mortgage
If an individual perfectly competitive firm charges a price ________ the industry equilibrium price while competitors charge the equilibrium price, the firm will sell all that it produces but forgo revenue that it could have had.
A. equal to B. below C. above D. More information is needed to answer the question.