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

Economics

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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.

Economics

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

Economics

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

Economics

Rent controls are examples of which of the following?

a. price ceilings b. price floors c. equilibrium prices d. subsidies

Economics