A shoe producing firm decides to acquire a firm that produces shoe laces. This implies that
a. The firm's aggregate demand will be less elastic than the individual demand
b. The firm's aggregate demand will be more elastic than the individual demand
c. The firm's aggregate demand will be of the same elasticity as the individual demand
d. None of the above
b
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The cost of making an economic exchange is called a(n) ________ cost
A) sunk B) transaction C) social D) accounting
Which of the following will most likely occur under a system of clearly defined and enforced private property rights?
What will be an ideal response?
Which of the following is NOT included in the calculation of Gross Domestic Product (GDP)?
A. Mr. J's purchase of a share of General Motors stock B. the purchase of a raincoat by Mr. Z C. Mrs. T's use of a lawyer D. All of these would be included.
The collection and use of data to test economic theories is
A. empirical economics. B. descriptive economics. C. positive economics. D. normative economics.