The figure above illustrates a linear demand curve. In the price range from $8 to $6, demand is ________ and in the price range $4 to $2, demand is ________
A) elastic; elastic
B) elastic; inelastic
C) inelastic; elastic
D) inelastic; inelastic
B
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The longer the time that has elapsed since the price of a good changed, the
A) more elastic the demand for that good. B) steeper the demand curve. C) less elastic the demand for that good. D) smaller the amount of that good bought. E) fewer substitutes available for the good.
In the eyes of the law, a corporation is a legal "person," separate from its owners. Explain what this means
What will be an ideal response?
Informal liquidation is also known as
a. assignment b. bankruptcy c. reorganization d. removal of assets e. selling the business
Assume the United States and Canada have the same amount of resources. In a given time period, the United States can produce 3 tons of steel or 300 tons of wheat. Canada can produce 4 tons of steel or 400 tons of wheat. This means that
A. The United States has a comparative advantage in steel. B. Canada has an absolute advantage in both steel and wheat. C. Canada has a comparative advantage in steel. D. The United States has an absolute advantage in steel.