A demand for a product is more inelastic
a. When it has many close substitutes
b. In the long-run
c. When it has many complements
d. None of the above
c
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Data on output and aggregate expenditure in Macroland are given below.Output(Y)Aggregate Expenditure2,0002,3003,0003,2004,0004,1005,0005,0006,0005,900Based on these data, the short-run equilibrium level of output is:
A. 3,200. B. 2,000. C. 5,000. D. 4,100.
A decrease in the average price level leads to a decrease in the purchasing power of wealth
a. True b. False Indicate whether the statement is true or false
The figure below illustrates a tariff. On the graph, Q represents quantity and P represents price.
Figure 17-11
Refer to Figure 17-11. Government revenue raised by the tariff is represented by the area
a.
E.
b.
B + E.
c.
D + E + F.
d.
B + D + E + F.
a compensation method that does not work through rewards
What will be an ideal response?