If demand increases, the increase in price will be smaller if demand and supply are highly inelastic.
Answer the following statement true (T) or false (F)
False
You might also like to view...
What is the underlying assumption of the original, simplified Keynesian model?
A) The relevant range of the short-run aggregate supply curve (SRAS) is vertical. B) The relevant range of the aggregate supply curve (AS) is vertical. C) The relevant range of the short-run aggregate supply curve (SRAS) is horizontal. D) The relevant range of the long-run aggregate supply curve (LRAS) is horizontal.
If you generate a new idea that has not been implemented yet by anyone else, and the idea offers a more profitable use of some resource, it is likely an example of:
A. innovation. B. market failure. C. intervention. D. a goal other than profit.
As interest rates rise, banks seek to decrease their loans and, thereby, shrink the money supply
a. True b. False Indicate whether the statement is true or false
A worldwide slowdown in productivity growth occurred:
A. in the 1970s and 1980s. B. in the 1950s and 1960s. C. before 1950. D. in the 1960s and 1970s.