Generally, the elasticity of demand for an energy source in the long run will be
a. approximately equal to its elasticity of demand in the short run.
b. considerably more elastic than in the short run.
c. slightly less elastic than in the short run.
d. considerably less elastic than in the short run.
B
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As a result of the Great Recession, job growth did not resume until
a. September 2008 b. March 2009 c. September 2009 d. March 2010
Refer to the graph below with three demand curves. A "decrease in demand" would be illustrated as a change from:
A. Point 1 to point 4
B. Point 1 to point 3
C. Line C to B
D. Line A to C
When Microsoft put together a set of products with the Windows operating system, it was practicing
A) bundling. B) tie-in sales. C) versioning. D) compacting.
Suppose 1000 units of a good are sold at $10 a unit. If its price increases to $20 and total revenue increases to $20,000 and increases by $1000 for every dollar increase in price after that, we know that
A) demand is perfectly elastic. B) the demand curve is vertical. C) the demand curve is downward sloping and the firm is on the inelastic portion of the demand curve. D) the demand curve is a rectangular hyperbola.