A craze for apples in Riverdale increases the quantity demanded at every price by five bushels. Between any two prices, the new demand curve will be ____ the old demand curve
a. more elastic than
b. less elastic than
c. equal in elasticity to
d. More information is needed to predict the relationship.
b
You might also like to view...
Property rights allowing individuals to own goods, services, and factors of production are MOST important in
a. socialistic economies. b. planned economies. c. capitalistic economies. d. command economies.
A market will experience a ____ when the price is above equilibrium and a ____ when the price is below equilibrium.
A. shortage, shortage B. surplus, surplus C. shortage, surplus D. surplus, shortage
An oligopoly is characterized by:
a. a relatively small number of firms b. either differentiated or undifferentiated products c. actions of any individual firm will affect sales of other firms in the industry d. a and b e. a, b, and c
Rent controls are examples of which of the following?
a. price ceilings b. price floors c. equilibrium prices d. subsidies