A key determinant of the price elasticity of supply is the
a. time horizon.
b. income of consumers.
c. price elasticity of demand.
d. importance of the good in a consumer's budget.
a
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__________________ —a term referring to the activities that businesses can perform to take advantage of economies of scale.
a. Scarcity b. Division of labor c. Core competency d. Specialization
The percentage change in quantity demanded divided by the percentage change in income is the formula for:
a. cross-price elasticity of demand. b. income elasticity of demand. c. elasticity of savings. d. wage elasticity of labor supply.
An oligopoly is a market dominated by a few sellers.
Answer the following statement true (T) or false (F)
Invention is
A. the act of discovering new products or new ways of making products. B. the act of putting new ideas into effect. C. the collaboration of land, labor, and capital to bring to market goods and services. D. the act of reducing the number of inputs to increase the amount of output.