Other things being equal, demand is less elastic
A) the more expensive the good is.
B) the smaller the percentage of a total budget that a family spends on a good.
C) the longer is the time period for adjustment.
D) the more substitutes a good has.
B
You might also like to view...
A rent ceiling set above the equilibrium rent
A) decreases the quantity demanded but not the quantity supplied. B) decreases the quantity supplied but not the quantity demanded. C) decreases both the quantity demanded and the quantity supplied. D) has no effect on the market outcome.
Which trend is shown in this graph?
a. The real GDP per capita decreases from 1975 to 1983.
b. The real GDP per capita remains constant from 1969 to 1975.
c. The real GDP per capita increases from 2007 to 2009.
d. The real GDP per capita sharply increases from 1983 to 1991.
Juanita goes to the Hardware Emporium to buy a new circular saw. She is willing to pay $120 for a new saw, but buys one on sale for $85. Juanita's consumer surplus from the purchase is
A) $35. B) $85. C) $120. D) $205.
An industry is in ________ if firms have an incentive to enter or exit in the ________ run.
A. equilibrium; short B. equilibrium; long C. disequilibrium; long D. disequilibrium; short