If the price of steel increases drastically, the quantity of steel demanded by the building industry will fall significantly over the long run because
A) buyers of steel are less sensitive to a price change if they have more time to adjust to the price change.
B) profits will fall by a greater amount in the long run than in the short run.
C) buyers of steel are more sensitive to a price change if they have more time to adjust to the price change.
D) sales revenue in the building industry will fall sharply.
C
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When a business is set up as a partnership, the owners of the business face limited liability
Indicate whether the statement is true or false
Collateral is
A) the interest rate that banks charge high-quality borrowers. B) assets pledged to the bank in the event the borrower defaults. C) the difference between the value of a bank's assets and the value of a bank's liabilities. D) required reserves minus excess reserves.
Which of the following produces external benefits?
A. College students getting vaccinated against the flu. B. Passive smoke in a public building. C. Garbage dumped in the Atlantic Ocean. D. All of the choices are correct.
Which act specifically outlawed price discrimination when such discrimination is not justified on the basis of cost differences and when it reduces competition?
A. Sherman Act B. Clayton Act C. Wheeler-Lea Act D. Federal Trade Commission Act