The supply of land is perfectly __________.
Fill in the blank(s) with the appropriate word(s).
inelastic
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The Securities and Exchange Commission of the U.S. government requires that mutual fund companies publish a long and detailed prospectus which covers an array of areas including the cost of owning the fund, the types of stocks the fund invests in,
the management fee, administrative fees and an assessment of the type of risk that holding the fund represents. This is clearly designed with the intent of mitigating the imperfect information problem. However, can you think of any reason why the value of these documents is likely to be quite marginal?
The law of demand states that, other things equal, when the price of a good
a. falls, the demand for the good rises. b. rises, the quantity demanded of the good rises. c. rises, the demand for the good falls. d. falls, the quantity demanded of the good rises.
Which of the following algebraic forms of a demand curve yields an isoelastic demand curve (i.e. a demand with constant elasticity)?
A. Q = a - bP + cI B. log(Q) = a - b log(P) + c log(I) C. Q = a - b log(P) + c log(I) D. log(Q) = bP + cI
If wages rise by 12 percent at the same time prices rise by 3 percent, then the increase in real wages is equal to
A. 12 percent. B. 9 percent. C. 6 percent. D. 3 percent.