Which is the most accurate statement?
A. The most important determinant of the degree of elasticity of demand is the availability of substitutes.
B. The demand for gasoline is very elastic.
C. The advertiser wants to push her product's demand curve to the right and make it more elastic.
D. Supply is most elastic in the market period.
A. The most important determinant of the degree of elasticity of demand is the availability of substitutes.
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Historically, the U.S. government has been used to overcome crises, redistribute income and wealth and address negatively received market outcomes
Indicate whether the statement is true or false
The value of a nation's currency is a good reflection of:
a. The nation's wealth. b. The nation's international competitiveness. c. The nation's income. d. None of the above.
The following figure shows the production-possibility curves of Canada (AB) and the rest of the world (CD). I1 and I2 are community indifference curves for Canada and the rest of the world. Before Canada entered into trade with the rest of the world, the total amount of cotton produced in the world was ________ bales and the total amount of wheat produced in the world was ________ bushels.
A. twenty-four; sixteen B. twenty-four; nineteen C. eighteen; twenty-four D. nineteen; twenty-four
Which of the following is the incorrect statement?
A. dB(Q)/dQ = MB. B. The marginal benefits curve is the slope of the total benefits curve. C. The slope of the net benefit curve is horizontal where MB = MC. D. The difference in the slope of the total benefit curve and the total cost curve is maximized at the optimal level of Q.