The above figures show the market for HD televisions. If there are severe earthquakes that destroy a significant number of HD television manufacturing plants, which figure shows the effect of the earthquake?
A) Figure A
B) Figure B
C) Figure C
D) Figure D
E) None of the figures represent this change.
D
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Suppose that the short-run price elasticity of demand for electricity is 0.03, and the long-run price elasticity of demand is 1.2. One would classify the short-run elasticity as being ________ and the long-run elasticity as being ________.
A. inelastic; unit elastic. B. elastic; inelastic. C. elastic; elastic. D. inelastic; elastic.
In the open-economy ISLM model, the goods market equilibrium condition is
A) output = consumption + investment + government spending. B) output = consumption + investment + government spending - tax. C) output = consumption + investment + government spending + net export. D) output = potential output.
Labor cost on an average accounts for about _____ percent of the total cost of production
a. 10 b. 30 c. 50 d. 70 e. 98
Unequal incomes can arise from: a. discrimination
b. worker preferences. c. differences in educational backgrounds. d. all of the above.