Which statement is true?
A. The supply of loanable funds is less elastic than the supply of land.
B. The supply of loanable funds is more elastic than the supply of land.
C. The supply of loanable funds is as elastic as the supply of land.
B. The supply of loanable funds is more elastic than the supply of land.
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The figure above shows the market for pants. If the government subsidizes the production of pants so that production expands from 6 million pairs to 7 million pairs,
A) there would be no deadweight loss. B) the government's policy would have no effect on the sum of consumer surplus and producer surplus. C) a deadweight loss would result. D) the government's policy would increase the sum of consumer surplus and producer surplus. E) production would be even more efficient than if 6 million pairs of pants are produced because more is always better than less.
If fixed cost rises,
A. the profit-maximizing level of output would decrease. B. the profit-maximizing level of output would not change. C. marginal cost rises. D. variable cost falls.
A consumer's willingness to pay:
A. is the maximum price that a buyer would be willing to pay for a good or service. B. is the minimum price that a buyer would be willing to pay for a good or service. C. is his or her reserved minimum bid-price. D. must always equal the seller's willingness to sell.
The allocations of goods and services from one group in a society to another are called:
a. mutually voluntary exchanges. b. in-kind transfers. c. grants. d. economic rents. e. transfer earnings.