The secondary supply of copper is:
A equally elastic in the short run and in the long run.
B unit elastic in the short run and perfectly elastic in the long run.
C more elastic in the short run than in the long run.
D less elastic in the short run than in the long run.
C more elastic in the short run than in the long run.
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If there is a shortage of gasoline, then
A) the purchase plans of buyers are not being fully achieved. B) buyers will tend to compete amongst themselves for more gasoline. C) the price of gasoline will tend to rise. D) all the above are true. E) none of the above is true.
A bank's largest liability is its
A) shareholder equity. B) long-term debt. C) short-term borrowing. D) deposits of its customers.
A situation in which output decreases while prices increase is often referred to as:
A. stagflation. B. inflation. C. negative economic growth. D. a recession.
It is Valentine's Day and Fred is desperately searching all over town for a dozen roses to give to Diane. "I'll pay anything for a dozen roses," he says. Whether he really means it or not, the statement implies that his price elasticity of demand for roses is
a. infinite b. negative c. one d. greater than one e. zero