Which of the following is not a major determinant of the price elasticity of demand?
a. availability of close substitutes
b. proportion of income spent on the good
c. The supply of goods available
d. amount of time that has elapsed since the price change
c
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With increasing returns to scale, isoquants for unit increases in output become
A) farther and farther apart. B) closer and closer together. C) the same distance apart. D) none of these.
More businesses in the United States are organized as partnerships than as proprietorships
Indicate whether the statement is true or false
Which of the following would be most likely to improve the standard of living of the residents of a less-developed country?
A. the development of strong labor unions B. a sharp increase in the legal minimum wage C. an increase in expenditures on education and capital investment D. rapid growth rate of the money supply
An example of ad valorem taxation is
A. a tax on luxury items. B. the Social Security tax. C. the corporate income tax. D. the personal income tax.