The longer any price change lasts over time, the
A) more difficult it is to alter quantity demanded.
B) the more quickly quantity demanded will return to its original level.
C) the longer the short-run equilibrium will continue to be the short-run equilibrium.
D) more quantity demanded will change.
D
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Which of the following makes demand less elastic?
A) the existence of many close substitutes for the good B) spending a large proportion of income on the good C) a short time elapsing since the product's price changed D) All of the above answers are correct.
According to Adam Smith's invisible hand doctrine:
a. self-interest best serves the interests of society. b. laissez faire must be improved by government intervention. c. producers should serve the best interests of society. d. only laissez faire mercantilism best serves the interests of society.
The most important influence on the marginal revenue product schedule for computer software engineers would be a change in
A. their productivity. B. a change in the price of laser printers. C. a change in the demand for computer software. D. a change in the quantity of capital available to produce computer software.
Every wealthy society the world has ever known is characterized by
What will be an ideal response?