A tavern is likely to have a ______________________ price elasticity of supply than does an antiques dealer due to ______________________.
A. more elastic; availability of inputs
B. less elastic; availability of inputs
C. less elastic; a longer adjustment time
D. less elastic; a shorter adjustment time
A. more elastic; availability of inputs
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Warranties in the used car market ________ the problem of private information thereby causing the price of good and bad used cars to ________
A) reduce; be the same B) reduce; differ C) magnify; be the same D) magnify; differ
For a given money demand curve, an increase in money supply: a. drives up the real interest rate
b. lowers the opportunity cost of holding money. c. decreases the quantity of money demanded. d. drives down the price level in an economy. e. contracts the total output produced in an economy.
In constructing the short-run aggregate supply curve, we define the short run as the period in which _____
Fill in the blank(s) with the appropriate word(s).
Horizontal merger occurs when
A) two firms merge where one had sold its output to the other as an input. B) the merger moves the combined firm onto the horizontal portion of its long-run average cost curve. C) two firms merge where each is about the same size. D) two firms producing a similar product merge.