Which of the following factors would indicate a more elastic demand?
A. The good is a necessity, rather than a luxury.
B. The good represents a small fraction of the budget.
C. Demand is measured over a longer period of time.
D. There are few substitutes for the good.
Answer: C
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Between the years 1870 and 1920, what happened to the agricultural labor force?
(a) It nearly doubled in numbers but declined significantly in its share of the total labor force. (b) It remained about the same in numbers and declined significantly as a percent of the total labor force. (c) It nearly doubled in numbers while remaining approximately the same percentage of the total labor force. (d) It declined both in numbers and as a percent of the total labor force.
Which of the following statements about concentration ratios is correct?
A) A high concentration ratio indicates that the industry is a monopoly. B) A high concentration ratio indicates that the industry is monopolistically competitive. C) A high concentration ratio suggests that the industry is characterized by strategic independence. D) A high concentration ratio suggests that the industry is characterized by strategic dependence.
?Any movement along an existing production possibilities curve will
a. increase the production of one good while decreasing the production of the other.
b. increase the production of both goods
c. increase efficiency.
d. increase employment.
Refer to Common Property I. If access to the common property cannot be prohibited, then the resulting social gain equals
The following questions refer to the accompanying diagram, which shows the benefits and costs associated with the use of a common property.
a. zero.
b. area E.
c. area A + B.
d. area C + D.