Which goods have more elastic demands?
A) goods with many substitutes
B) goods which are necessities
C) goods with few substitutes
D) goods whose purchase represents a small percentage of income
A
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
A technological advance that reduces the cost of producing computers will shift the supply curve of computers to the right
a. True b. False Indicate whether the statement is true or false
Refer to the diagram. Flow 3 represents:
A. wage, rent, interest, and profit income.
B. land, labor, capital, and entrepreneurial ability.
C. goods and services.
D. consumer expenditures.
Based on the graph below, what is the difference between the purely competitive equilibrium level of output and the pure monopoly equilibrium level of output?
A. 20
B. 70
C. 90
D. 110