An important determinant of the price elasticity of supply is
A) whether the good is a durable or a nondurable.
B) the time period firms have to adjust to a new price.
C) how well consumers like the commodity.
D) the proportion of the consumer's total budget spent on the good.
B
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In the classical model, the factors determining output and employment are the factors that ascertain the position(s) of
a. the labor supply curve only. b. the labor demand curve only. c. the aggregate production function. d. both the labor supply curve and the labor demand curve. e. Both c and d
An imaginary situation in which people have no knowledge of what their place in society is to be is?
A. first position B. start position C. original position D. pole position
Consumers concentrate on public choices rather than private choices, because information and the time required to acquire and digest it are scarce
Indicate whether the statement is true or false
Refer to the given diagram, where S d and D d are the domestic supply and demand for a product and P c is the world price of that product. If this economy was entirely closed to international trade, equilibrium price and quantity would be:
A. P a and z.
B. P a and x.
C. P c and z.
D. P c and v.