If a good is produced using inputs for which there are no substitutes, the good's
A) elasticity of supply is likely to be small.
B) elasticity of supply is likely to be large.
C) elasticity of demand will be small.
D) elasticity of demand will be large.
A
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One key assumption of the classical model is
A) government spending plays a major role. B) money illusion cannot fool workers. C) wages are sticky. D) prices are sticky.
The Federal Open Market Committee is important because
a. its deliberations are extremely private b. it sets the course for the nation's money supply c. it is composed of people who are most knowledgeable about the economy d. it discusses unemployment and inflation e. of its influence on fiscal policy
Price leadership works only if there is a single, dominant firm in the oligopoly
a. True b. False Indicate whether the statement is true or false
If the consumer price index is 120 in 2009 and 139.2 in 2010, then the rate of inflation for 2010 is 39.2 percent
a. True b. False Indicate whether the statement is true or false