________ is the measure of the sensitivity of one variable to a change in another
A) Multiplier
B) Elasticity
C) Amplitude
D) Buoyancy
B
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How has the pattern of fluctuations in overall U.S. business activity changed since World War II?
A) It has become less volatile. B) Expansions have been eliminated. C) Contractions have been eliminated. D) Recessions have been eliminated.
The rate of production that maximizes the positive difference between total revenues and total costs is the
A) profit-maximizing rate of production. B) rate of production at which marginal revenue equals marginal product. C) rate of production at which marginal revenue equals average revenue. D) rate of production at which average revenue equals average total cost.
An exclusive contract:
a. makes it illegal to price discriminate. b. requires a buyer to purchase all products from a specified supplier. c. requires a buyer not to purchase any requirements from the competitor of a specified supplier. d. requires the buyer to purchase a second product as a condition of receiving the one he wants. e. requires a seller to market its product within a limited geographic territory.
In a perfectly competitive market, the long-run industry supply curve is perfectly elastic at the minimum point of the ATC curve
a. True b. False Indicate whether the statement is true or false