In the space provided in the graph above, draw a demand curve D1, and then draw a second demand curve, D2, that is less elastic.
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When Fidel Castro came to power in Cuba in 1959, Cuba's exports were predominantly sugar and tobacco and these exports made up a relatively large part of its economy. To counter this dependence on two goods, Castro's economic advisers used which of the following arguments to persuade him to impose trade restrictions?
a. comparative advantage argument b. infant industries argument c. national security argument d. antidumping argument e. diversity of industry argument
If marginal profit is zero, then total profit is at a maximum
a. True b. False Indicate whether the statement is true or false
Rising prices will discourage consumption and encourage conservation
a. True b. False Indicate whether the statement is true or false
If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock. B. long-run supply shock. C. long-run demand shock. D. short-run demand shock.