Which of the following makes demand less elastic?

A) the existence of many close substitutes for the good
B) spending a large proportion of income on the good
C) a short time elapsing since the product's price changed
D) All of the above answers are correct.


C

Economics

You might also like to view...

The belief that having more of something makes you happier but in successively smaller increments is called

A) utilitarianism. B) diminishing marginal utility. C) the benefits-received principle. D) transcendentalism.

Economics

A perfectly competitive wheat farmer in a constant-cost industry produces 3,000 bushels of wheat at a total cost of $36,000. The prevailing market price is $15. What will happen to the market price of wheat in the long run?

A) The price falls to $12. B) The price rises above $15. C) The price remains constant at $15. D) There is insufficient information to answer the question.

Economics

Refer to Figure 28-8. A typical long-run Phillips curve would have the appearance of a curve running through points

A) A and B. B) A and C. C) B and C. D) A, B, and C.

Economics

Suppose Larry's Lariats produced 25,000 lassos and sold each for $10. What was the total revenue for the company?

A. $250,000 B. $25,000 C. $2,500 D. $2,500,000

Economics