If the quantity of a good supplied is highly sensitive to the price of the good, this is illustrated by a
a. demand curve that is relatively flat (more horizontal).
b. demand curve that is relatively steep (more vertical).
c. supply curve that is relatively flat (more horizontal).
d. supply curve that is relatively steep (more vertical).
C
You might also like to view...
Macroeconomics is the study of how businesses interact to form the market system
Indicate whether the statement is true or false
Sam owns a candy factory and hires workers in a competitive labor market to pack cases of candy. The company's weekly output of cases of candy varies with the number of workers hired, as shown in the following table: Number ofworkersCases/week00116023103450458057006810 If each case sells for $5 more than the cost of the materials used in producing it, and the competitive market wage is $625/week, then how many workers should Sam hire each week?
A. 5 B. 3 C. 4 D. 2
President Obama needs to get Congressional approval to enact measures to boost the economy. The time involved to formulate and get approval for these policies are called
A) crowding in. B) outside lags. C) automatic stabilization. D) inside lags.
Describe the Coase theorem and explain why it is significant in the analysis of externatility problems.
What will be an ideal response?