A measure of sensitivity or responsiveness to changes in price or income is called
a. elasticity
b. technology
c. supply and demand
d. social pressure
e. kickback
A
You might also like to view...
In the long-run equilibrium for a perfectly competitive market
A) the firms' economic profits are zero. B) there is no incentive for entry or exit. C) average total costs of production are minimized. D) All of the above are correct.
Which of the following best defines the vicious circle of poverty?
a. Countries are poor because of lack of education and training for workers. b. Countries are poor because of poor international credit. c. Countries are poor because of high population growth. d. Countries are poor because they cannot afford to save and invest.
It is possible for the absolute price of a good to rise at the same time that the good's relative price is falling
Indicate whether the statement is true or false
Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher