If supply is inelastic, then a demand shift will have a bigger effect on quantity than price.
Answer the following statement true (T) or false (F)
False
If supply is inelastic, then a demand shift will have a bigger effect on price than quantity.
You might also like to view...
In the figure above, if there is no Ricardo-Barro effect, the government has a ________ because ________
A) budget deficit; there is no Ricardo-Barro effect. B) balanced budget; there is no Ricardo-Barro effect. C) budget surplus; the SLF curve lies to the right of the PSLF curve. D) budget surplus; there is no Ricardo-Barro effect. E) budget deficit; the SLF curve lies to the right of the PSLF curve.
The price of non-work activities is:
A) zero. B) equal to the opportunity cost of those activities. C) less than the opportunity cost of those activities. D) greater than the opportunity cost of those activities.
Steady-state growth refers to
a. intermediate-run periods. b. long-run equilibrium growth. c. output determination in the short run. d. None of the above
Which is NOT a weakness of the policy of mandatory separation of recyclables?
A) It actually pays people to use more recyclable material, and thus more material in total. B) It is costly for households in terms of time spent. C) It is costly for the government to monitor. D) Individuals may shift away from recyclable to non-recyclable materials just so they don't have to bother to separate them. E) Implementation is difficult and consumes household space.