For automobile demand in the U.S., the income response tends to be larger in the:
A) short run.
B) long run.
C) The income response is the same in the long run and the short run.
D) We do not have enough information to answer this question.
A
You might also like to view...
The price level in India increases from 131 to 137 while its trading partners' price levels remain constant. As a result, people will buy ________ Indian-made goods and there will be a movement ________ along India's aggregate demand curve
A) more; upward B) more; downward C) less; downward D) less; upward
The marginal propensity to consume can best be described as:
A) consumption/income B) the impact of a change in income on GDP C) the change in income divided by the change in consumption D) the change in consumption divided by the change in income
In which market models are firm's demand curves different from their marginal revenue curves? a. monopoly, oligopoly, and perfect competition
b. monopoly, oligopoly, and monopolistic competition. c. monopoly and oligopoly only. d. monopoly only.
Does voluntary exchange create wealth (value)?
What will be an ideal response?