When a particular product has numerous but imperfect substitutes, the demand for that product will tend to be
A) inelastic.
B) elastic.
C) unitary.
D) perfectly elastic.
Answer: B
You might also like to view...
In the equation of exchange, the average number of times a dollar is used to purchase a final good or service is the __________ of money
A) turnover B) elasticity C) velocity D) transfer
Infant industry protection can be justified in theory by:
A. both the "learning by doing" argument and the existence of economies of scale. B. neither the "learning by doing" argument nor the existence of economies of scale. C. the existence of economies of scale but not by the "learning by doing" argument. D. the "learning by doing" argument but not by the existence of economies of scale.
In markets, people's decisions are coordinated by
A) specialization according to absolute advantage. B) changes in property rights. C) learning-by-doing. D) adjustments in prices.
When at least one productive resource is fixed, the firm is producing
a. in the short run. b. in the long run. c. only one type of product. d. at least two products.