Which statement is true?
A. D1 is more elastic than D2.
B. D2 is more elastic than D1.
C. D1 and D2 have the same elasticity.
D. There is no way to determine the relative elasticities of D1 and D2.
B. D2 is more elastic than D1.
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A decrease in the marginal factor cost of labor will
A) lead to an decrease in the quantity demanded of labor. B) induce a firm to hire fewer workers. C) induce a firm to hire more workers. D) cause the value of the marginal product of labor to decrease.
Social Security was established
a. in the 1930s to provide retirement income to those with a work history b. in the 1930s to provide jobs for the unemployed c. in the 1930s to provide health insurance d. in the 1960s to provide retirement income to those with a work history e. in the 1960s to provide health insurance
Money exchanges are more efficient than barter because:
a. money exchanges do not require a double coincidence of wants. b. the government guarantees the value of money. c. money usually has an intrinsic value. d. money is backed by a physical commodity. e. opportunity costs are higher with barter trades.
To John Maynard Keynes, investment demand depends less upon the availability of saving than upon the profit expectations of producers
Indicate whether the statement is true or false