Price elasticity of demand is lower for goods with few close substitutes.
Answer the following statement true (T) or false (F)
True
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Economic freedom is crucial for achieving economic growth because ______.
A. it gives the incentive to save, invest, expand human capital, and discover and apply new technologies B. it ensures that the majority of citizens make the most important decisions C. only good government can make the right investment decisions D. it protects workers' rights and prevents unfair firing E. it upholds democracy, which is essential if an economy is to grow
What does the labor theory of value imply about the wages workers are paid in a capitalistic society? Explain
What will be an ideal response?
What is the Fed's monetary policy instrument?
What will be an ideal response?
From the Monetarist perspective, the aggregate supply curve is
A) vertical. B) horizontal. C) sensitive to changes in the money supply. D) sensitive to changes in consumption.