A good will have a more inelastic demand, the
a. greater the availability of close substitutes.
b. broader the definition of the market.
c. longer the period of time.
d. more it is regarded as a luxury.
b
You might also like to view...
In the current year, a nation's government spending equals $15 trillion and its revenues are $20 trillion. Which of the following is TRUE?
A) The nation's national debt equals $5 trillion. B) This nation has a current year budget surplus of $5 trillion. C) This nation is currently running a budget deficit of $5 trillion. D) The nation has a current year trade surplus of $5 trillion.
The coordination task of any economy that answers the question of how output shall be divided among consumers may best be described as
a. output selection. b. production planning. c. distribution. d. None of the above is correct.
Refer to Table 9-2. In Year 1, if savings deposits had been $200 billion instead of $150 billion, M1 would have been
A) unaffected. B) larger by $50 billion. C) smaller by $50 billion. D) $100 billion.
Assume the market price for tangerines is $18.00 per bushel. At the market price, tangerine growers are willing to supply a quantity of 12,000 bushels per week. The quantity supplied drops to zero when the price falls to $5.00 per bushel. Construct a
graph showing this data, calculate the total producer surplus in the market for tangerines, and show the total producer surplus on the graph. Your supply curve should be a straight line. What will be an ideal response?