The longer the time frame involved, the more likely it is that the demand will be relatively
A. elastic.
B. flat.
C. inelastic.
D. steep.
Answer: A
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The Coase theorem asserts that under certain conditions, the property rights to an activity will be acquired by the party that values it most
Indicate whether the statement is true or false
Generating electricity creates air pollution. This industry, if left unregulated, will produce at an inefficient market equilibrium because
A) there is a deadweight loss. B) supply is not equal to demand. C) too little output is produced. D) the marginal social benefit is greater than the marginal social cost.
In recent years the United States has run persistent deficits in its balance on the current account
a. True b. False Indicate whether the statement is true or false
An increase in the price of gasoline will cause a(n)
a. an increase in the quantity of gasoline demanded b. decrease in the quantity of gasoline demanded c. no change in the quantity of gasoline demanded d. increase in the demand for gasoline e. decrease in the demand for gasoline