Plots of land differ in
a. quality of soil.
b. topography.
c. proximity to marketplaces.
d. All of the above are correct.
d
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If the value of price elasticity of demand for a good is equal to "?", it implies that the good has a ________ demand
A) perfectly elastic B) perfectly inelastic C) unit elastic D) relatively inelastic
If the demand curve is perfectly inelastic, _____
a. suppliers will bear the entire burden of any tax b. demanders will bear the entire burden of any tax c. suppliers and demanders will split the burden of any tax d. the actual burden of the tax depends upon who is legally required to pay the tax
In an attempt to solve the problem of the overvalued dollar in the early 1970's, the United States
a. revalued the dollar, which made foreign exchange cheaper. b. decreased the price of gold in terms of the dollar. c. devalued the dollar, which made foreign exchange cheaper. d. devalued the dollar, which made foreign exchange more expensive.
Define the economic concept of elasticity
What will be an ideal response?