Many manufactured goods have an ________ supply if production plans have only a short period to change and as time passes and all production adjustments are made, the supply of the good ________ from the initial response
A) inelastic; increases
B) elastic; decreases
C) elastic; increases
D) inelastic; decreases
E) inelastic; does not change
A
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When the cost curves have U-shapes, at the point where marginal cost equals average total cost:
a. b and c. b. marginal cost is rising. c. average total cost is at its minimum. d. average variable cost is falling. e. the fixed cost has been fully depreciated.
Based on the following information, what is the balance on the current account?
Exports of goods and services = $12 billion
Imports of goods and services= $14 billion
Net income on investments = -$4 billion
Net transfers = -$1 billion
Increase in foreign holdings of assets in the United States = $6 billion
Increase in U.S. holdings of assets in foreign countries = -$3 billion
A) -$7 Billion
B) -$3 billion
C) -$2 billion
D $1 billion
The labor supply could decrease when wages increase only if the:
A. price effect outweighs the income effect. B. substitution effect outweighs the income effect. C. income effect outweighs the price effect. D. price effect outweighs the substitution effect.
A factor market is
A. where goods are made. B. where goods are exchanged. C. organized by government. D. where resources are exchanged.