Since an individual spends a small share of the income on salt, the elasticity of demand is likely to be low.
Answer the following statement true (T) or false (F)
True
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Which of the following statements is true?
A) Firms are the demanders in the market for labor as well as the market for consumer goods. B) Firms are the suppliers in the market for labor as well as the market for consumer goods. C) Firms are the demanders in the market for labor, whereas they are the suppliers in the market for consumer goods. D) Firms are the suppliers in the market for labor, whereas they are the demanders in the market for consumer goods.
In equilibrium, which of the following conditions is common to both unregulated monopoly and pure competition?
A) P = MR B) AR = ATC C) MR = MC D) MC = P
Mass production integrates
a. continuous flow and interchangeable parts. b. economies of scale and scientific management. c. the McCallum principles. d. the Taylor premises.
The real minimum wage was at its all-time high
A. shortly after the increase in 1992. B. at its inception in the 1930s. C. shortly after the increase in 1968. D. shortly after the increase in 1980.