The longer the time that has elapsed since the price of a good changed, the
A) more elastic the demand for that good.
B) steeper the demand curve.
C) less elastic the demand for that good.
D) smaller the amount of that good bought.
E) fewer substitutes available for the good.
A
You might also like to view...
Which type of price discrimination results in the highest profits for firms?
A. First-degree price discrimination B. Second-degree price discrimination C. Third-degree price discrimination D. Regular price discrimination
What is a cartel? Can cartels generate long-term profits without the existence of barriers to entry?
What will be an ideal response?
Modern economics as a field of study is usually thought to have begun with
a. Adam Smith and the writing of The Wealth of Nations. b. David Ricardo and the writing of The Principles of Political Economy and Taxation. c. Aristotle and the writing of Politics and Ethics. d. Moses and the Ten Commandments.
If the real wage is above the equilibrium level in the labour market:
a) The quantity demanded of labour is higher than the quantity supplied b) The quantity demanded of labour equals the quantity supplied c) The quantity demanded of labour is lower than the quantity supplied d) The real wage will automatically rise in the short run to bring about equilibrium