The demand for an input will be more inelastic when
A) the demand for the product being produced is elastic.
B) the cost of the input is a relatively large percentage of total production costs.
C) the time period being considered is relatively long.
D) it is difficult to substitute other inputs for this input.
D
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If demand increases and supply decreases, quantity will
a. always increase b. always decrease c. increase only if supply decreases more than demand increases d. increase only if supply decreases less than demand increases e. decrease only if supply decreases less than demand increases
According to the theory of rational ignorance, which of the following prevents people from voting?
a. If they feel their vote will not matter in the election b. If they will be required to show voter identification c. If they believe that politicians are unethical d. If they do not belong to a specific political party
The yield of a stock is the
A) dividend divided by the closing price per share. B) dividend divided by the average daily price of the stock. C) closing price divided by the 52-week low price. D) dividend divided by the opening price per share.
Crude oil is sold in a local market.
Answer the following statement true (T) or false (F)