Economists use the concept of ________ to measure how one economic variable, such as quantity, responds to a change in another economic variable, such as price
A) slope
B) efficiency
C) relativity
D) elasticity
Answer: D
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Which of the following factors best explains why consumers might prefer to go to a restaurant that was similar to another restaurant in terms of décor and food choices but had fewer customers?
a. the presence of network externalities b. the idea that some people receive utility from goods they believe are popular c. income and substitution effects d. switching costs
An investor who owns preferred stock has
A. the same rights as a bond holder. B. unlimited liability for the debts of the firm. C. regular voting rights. D. preferential treatment in the payment of dividends.
A firm will break even when
A) P > ATC. B) P = ATC. C) P = AVC. D) P < AVC.
The prisoners' dilemma game
a. provides insight into why cooperation is individually rational. b. provides insight into why cooperation is difficult. c. is a game in which neither player has a dominant strategy. d. is a game in which exactly one of the two players has a dominant strategy.