Demand is more inelastic in the short term because consumers:
A. are present-oriented.
B. have no time to find available substitutes.
C. are impatient.
D. None of the statements is correct.
Answer: B
You might also like to view...
In the above figure, at the efficient quantity of CDs
A) total consumer surplus is zero. B) total producer surplus is zero. C) the sum of consumer surplus and producer surplus is maximized. D) Both answers A and B are correct.
The poverty threshold line for a family of four in 2010 was
a. $30,170. b. about $22,000. c. between $10,000 and $15,000. d. less than $10,000.
Year-to-year movements in real exchange rates between industrialized countries like the U.S. and Canada are caused mostly by
A) changes in relative rates of inflation. B) changes in relative growth rates of output. C) changes in quotas or tariffs. D) changes in capital controls. E) changes in nominal exchange rates.
As Europe explored monetary union, evidence to date suggests that increased variability in exchange rates
A) reduces foreign trade and investment. B) increases foreign trade and investment. C) does not seem to have an impact on foreign trade and investment. D) hurts foreign investment but not trade.