For suppliers, the ________________ elasticity is greater than the _____________ elasticity because they have ______________
a. short run supply; long run supply; no time to adjust
b. short run price; long run supply; time to adjust
c. long run supply; short run price; no time to adjust
d. short run supply; long run price; time to adjust
e. long run supply; short run supply; time to adjust
E
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The distributions of tax burdens among various groups in society is known as
A) a proportional tax. B) a progressive tax. C) a regressive tax. D) tax incidence.
To a bank, an asset is an obligation that it owes to someone else
a. True b. False Indicate whether the statement is true or false
Refer to the table that presents Mike and Janet's demand for apples by the bushel. If they are the only two in the market, which of the following represents a point on the market demand curve?Price per peckMike Quantity in pecksJanet Quantity in pecks$1226$2183$3140$4100$560
A. price = $4, quantity = 21 B. price = $1, quantity = 18 C. price = $4, quantity = 0 D. price = $2, quantity = 21
The length of the short run
a. is different for different types of firms. b. can never exceed 3 years. c. can never exceed 1 year. d. is always less than 6 months.