Elasticity is a measure of
a. the slope of a linear demand curve
b. the slope of a supply curve
c. relative responsiveness
d. economic welfare
e. consumer tastes
C
You might also like to view...
According to the textbook application, China’s demand for automobiles
a. is linked in part to the nation’s rising income and economic prosperity b. is limited because of the absence of automobile plants in China c. has declined because of the migration of people from urban to rural areas d. has grown slowly over the past several years
Suppose both goods L and M have a price of $6 . To maximize your utility from spending a given amount of income on the two goods you should: a. consume more each as long as they provide more than 6 units of marginal utility each
b. consume them so that consumption of each good provides the same total utility. c. consume them so that consumption of the last unit each good provides the same marginal utility. d. all of the above.
"Since the social sciences are not like the natural sciences, experiments are a waste of time." Comment on the above statement.
What will be an ideal response?
Banking began in
A. biblical times. B. medieval times. C. the 19th century. D. the 20th century.