If consumers spend a small proportion of their income on a good, the demand curve for the good will be:
a. elastic
b. inelastic.
c. perfectly inelastic.
d. unit elastic.
b
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Economic efficiency is defined in the text as
a. the maximum production of consumption goods b. the maximum production of capital goods c. a balanced production of consumption and capital goods d. a maximum set of resources e. the absence of underemployment or unemployment
A salesperson's bonus for this year is based on meeting targets based on last year's sales. This year turns out to be an unusually good year. The salesperson is likely to:
A. defer some sales to the next fiscal year B. just be satisfied with meeting last year's target. C. meet the target easily and push forward with all potential sales. D. fail to meet the last year's targets because of overconfidence.
Which of the following describes the impact of unions on wages?
a. The high wages negotiated by the union drive up wages in the nonunion sector by extension. b. Collective bargaining has the effect of lowering wages in general to keep more people employed. c. By restricting membership, the union drives up union wages and drives down nonunion wages. d. The union has the collective power to enforce equilibrium wages for everyone.
Describe and give reasons for the characteristics of the elasticity of supply of a farm product that is sold at a farmer’s market on a particular day
Please provide the best answer for the statement.