Which of the following statements is correct?
a. The demand for natural gas is more elastic over a short period of time than over a long period of time.
b. The demand for smoke alarms is more elastic than the demand for Persian rugs.
c. The demand for bourbon whiskey is more elastic than the demand for alcoholic beverages in general.
d. All of the above are correct.
c
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A general formula for the multiplier is 1/(1-MPS)
Answer the following statement(s) true (T) or false (F)
A firm will continue to purchase and use land until the:
A) value of marginal product of land equals the price of land. B) value of average product of land equals the marginal product of land. C) value of marginal product of land equals the marginal product of labor. D) value of marginal product of land equals the marginal product of capital.
Discuss the differences between Absolute PPP and Relative PPP
What will be an ideal response?
When a nation totally bans trade with another country, it is imposing a(n):
a. tariff. b. embargo. c. quota. d. none of these.