Other things being equal, the longer a price change persists
A) the less is the elasticity of demand.
B) the less chance a consumer will be able to adjust.
C) the more the consumer will be willing to pay.
D) the greater is the elasticity of demand.
D
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If the demand for opera singers increases faster than the supply, wages will rise
a. True b. False Indicate whether the statement is true or false
According to 2014 data on the U.S. population, which of the following groups of adults of prime working age (ages 25-54) had the highest unemployment rate?
a. white males b. white females c. black males d. black females
The exchange rate is the
A. Amount of currency that can be purchased with one ounce of gold. B. Balance-of-trade ratio of one country to another. C. Opportunity cost at which goods are produced domestically. D. Price of one country's currency expressed in terms of another country's currency.
When there are positive externalities associated with the consumption of a good, we can expect the market:
A. demand curve to lie above the social demand curve. B. demand curve to lie below the social demand curve. C. supply curve to lie above the social supply curve. D. supply curve to lie below the social supply curve.