A bumper crop of wheat could be bad news to farmers if the price elasticity of demand for wheat is greater than one.
Answer the following statement true (T) or false (F)
False
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Three forces played a significant role in preparing Indian policy makers for economic reform. Describe them
What will be an ideal response?
The market labor-supply curve is:
A. upward sloping. B. downward sloping. C. perfectly elastic. D. perfectly inelastic.
When there is a positive cross-price elasticity of demand between two goods,
a. they are independent goods b. they are complementary goods c. they are substitute goods d. they are normal goods e. the income elasticity of demand is positive
A firm is an organization that produces
a. only goods for sale to households b. only services for sale to households c. goods and services for sale to households and businesses d. only goods for sale to other businesses e. only resources