The demand for gasoline is likely to be more inelastic than the demand for sushi.
Answer the following statement true (T) or false (F)
True
You might also like to view...
In September of 2007, the Federal Reserve Board Open Market Committee voted to lower interest rates for the first time that year. Explain how lower interest rates affect the aggregate demand curve
What will be an ideal response?
A positive relationship exists between monetary growth and interest rates when the
A) aggregate supply curve is horizontal. B) aggregate demand curve is horizontal. C) price level is fixed. D) income effect offsets the liquidity effect.
Under Social Security, the surplus (the excess of tax receipts over benefit payments)
A. does not exist; the system runs at a deficit. B. is invested in the form of US Treasury Notes (i.e. government debt). C. is held in a "lockbox" for current workers when they retire. D. is invested in stocks and corporate bonds.
One implication of goods being standardized in a market is:
A. the market has a low degree of competition. B. the government regulations must promote competition and lower prices to be efficient. C. the similarity in products may be real or perceived. D. there are no information asymmetries.