A good with many substitutes will have a _____ curve that is relatively _____ elastic than a good with few substitutes.
Fill in the blank(s) with the appropriate word(s).
Answer: demand; more
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What does it mean when an economist says that a firm is buying labor in a competitive market?
What will be an ideal response?
A car dealer wants to get rid of the stock of last year's model. Assume that the dealer knows from past experience that the price elasticity of demand for cars is unitary (= 1)
If the price of the cars is currently $20,000 and the dealer wants to increase the quantity demanded from 30 units to 50 units, what must the new price be if the dealer is to sell the 20 additional cars? A) $10,000 B) $12,000 C) $16,000 D) $18,000
In the collective bargaining process,
A. supply and demand analysis is used to determine the wage. B. the contract can legally cover only the wage or salary determined. C. there is often heated discussion with threats of strikes and counterthreats of lockout. D. the negotiation period is limited to 30 days.
A public museum is an example of a
A) government-sponsored good. B) public good. C) good which generates a positive externality. D) good which generates a negative externality.