The more narrowly defined a good is, the more elastic the demand for the good will tend to be, ceteris paribus.
Indicate whether the statement is true or false.
Ans: True.
You might also like to view...
Use the information in Scenario 4.2. Suppose that the price of artichokes is increased slightly from $10. The total expenditure by consumers on artichokes will ________ and the number of artichokes sold will ________
A) rise, rise B) rise, fall C) fall, rise D) fall, fall
Income received but not earned is
a. national income b. personal income c. personal disposable income d. indirect business taxes e. transfer payments
Refer to Figure 8.3. What is the average cost of producing 290 units of output?
A. $9
B. $2,500
C. $8.62
D. $7.77
According to the neoclassical theory of distribution, the wages paid to workers depend on the
a. supply of labor. b. demand for labor. c. marginal productivity of labor. d. All of the above are correct.