Which of the following leads a good to have a high elasticity of supply? I. The good must be produced using unique resources. II. The good is produced using commonly available resources
A) I only
B) II only
C) I and II
D) neither I nor II
B
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Assume that a country has a domestic demand curve defined as Qd = 100 - 2P and a domestic supply curve defined as Qs = -20 + 3P. What is the autarchy equilibrium price and quantity?
What will be an ideal response?
In 2009, President Obama proposed raising the income tax on those making over $250,000 per year. Discuss the merits of this plan.
What will be an ideal response?
In a barter economy that had no form of currency, how could interest exist?
In this graph, what is different about equilibrium levels E1 and E3 compared to e2?
a. Price levels are higher at both E1 and E3 than at e2.
b. Price levels are lower at both E1 and E3 than at e2.
c. Level e2 is sustainable, whereas levels E1 and E3 are not.
d. Levels E1 and E3 are both sustainable, whereas e2 is not.