Mathematically, elasticity is the percentage change in _____ brought about by a percentage change in _______.
Fill in the blank(s) with the appropriate word(s).
quantity demanded; price
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In the Keynesian model, it is assumed that, when demand for a firm's product changes, the firm:
A. changes prices and production levels to meet demand. B. changes prices to meet the demand. C. changes production levels to meet the demand. D. changes prices, but holds production levels constant, to meet the demand.
The higher the bid in a first-price sealed-bid auction, the ________ the chances of winning and the ________ the surplus earned
A) higher; higher B) higher; lower C) lower; higher D) lower; lower
Under competitive conditions, the relative price of a finite resource would be expected to:
a. rise at an increasing rate. b. rise at a rate equal to the real interest rate. c. rise at a rate equal to the nominal interest rate. d. rise at a rate determined by demand conditions.
Why do the airlines charge less for passengers who stay over Saturday night and purchase their tickets two weeks in advance?