The responsiveness of suppliers to changing prices is called the:
a. cross elasticity.
b. supply elasticity.
c. supply period.
d. long-run.
e. market-day.
b
You might also like to view...
A higher population growth rate can potentially lead to a higher rate of growth in per capita real GDP if
A) it leads to an increase in the amount of dead capital. B) young workers replace older workers. C) there is a greater labor force participation rate. D) it leads to greater democracy in a nation.
If the asset market is in equilibrium, the growth rate of the nominal money supply minus the growth rate of real money demand equals
A. the inflation rate. B. the price level. C. the real interest rate. D. the growth rate of real output.
Which of the following would not shift the aggregate demand curve? Changes in:
A. Productivity rates B. Foreign-exchange rates C. Real interest rates D. Income tax rates
Countries that are more open to international trade tend to have
A) property rights that are not well defined. B) higher levels of economic growth. C) lower levels of physical capital. D) lower levels of economic growth.