Coal is required to make steel. Hence, the price elasticity of demand for coal by steel manufacturers will be
A) unit elastic.
B) inelastic.
C) elastic.
D) perfectly elastic.
B
You might also like to view...
One productivity standard for income distribution stated in the text is
A) income distribution should be based on contribution to society's total output. B) tax payments are higher for higher income people. C) poor people pay too much in taxes. D) the poor should contribute more to society.
Used car dealers are able to make a profit by buying used cars at a low price and selling them at a higher price because
a. they sell lemons b. they can take advantage of unsuspecting consumers c. they are attempting to maximize their profits d. the transaction costs to some buyers is less than it would be without the used car dealers e. there are no transaction costs associated with the process of buying a used car
What has been one of the results of globalization experienced by Eastern European nations after the fall of their socialist regimes?
a. All traces of their traditional culture have disappeared. b. These countries have attracted foreign investment from industrialized countries, which have transferred cleaner technologies and thus, improved environmental quality. c. These countries have not yet adapted to capitalism, and a majority support a new movement to return to communism. d. Most national forests have been destroyed by multinational companies. e. Many new diseases have been introduced because of increased contact with the West.
Which of the following is one source of disagreement between economists?
a. Some facts about the economy are unknown. b. Economists differ in their political persuasions. c. Economic theory may not always give an unambiguous answer to a question. d. Solving one problem may make another problem worse. e. All of the above are correct.