Different measurements of elasticity include:
A. income elasticity of demand, income elasticity of supply.
B. price elasticity of demand, price elasticity of supply.
C. cross-price elasticity of demand, income elasticity of supply.
D. preference elasticity of demand, cross-price elasticity of supply.
B. price elasticity of demand, price elasticity of supply.
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A profit-maximizing firm will never hire that quantity of a factor of production for which that factor has an increasing marginal productivity because:
a. it would not be maximizing output. b. it would not be maximizing the productivity of labor. c. it would not be minimizing costs. d. it would not be maximizing profits.
Supply is said to be ____ when the quantity supplied is very responsive to changes in price
a. independent b. inelastic c. unit elastic d. elastic
Recall the Application about the opportunity cost of an entrepreneur to answer the following question(s).Recall the Application. Which of the following would be included as an opportunity cost of renting your house through Airbnb?
A. opportunity cost of time sending emails B. opportunity cost of cleaning the house C. fees to Airbnb D. All of these are part of the costs.
Which nations does the acronym BRIC stand for?
What will be an ideal response?