The demand curve facing a firm will be more elastic the

a. fewer the number of competing firms
b. more differentiated the product
c. more substitutes available
d. greater the firm's ability to control price
e. more profit the firm makes


C

Economics

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Which of the following is an example of a capital resource?

a. redwood trees b. unskilled labor c. stocks and bonds d. an oil rig

Economics

Relative to a no-trade situation, if the United States exported chairs, the domestic price of chairs

a. would rise, and domestic output would also rise. b. would decline, but the domestic output would rise. c. would decline, and domestic output would decline also. d. would rise, but domestic output would fall.

Economics

In a perfectly competitive industry, price is set by ___________ and ___________.

Fill in the blank(s) with the appropriate word(s).

Economics

Using aggregate demand and aggregate supply, explain what happens in the short run if the Federal Reserve raises interest rates in the economy. Be sure to detail what happens to aggregate demand, the price level, the level of GDP, and unemployment

Assume that the economy is at full employment before the interest rate increase. What will be an ideal response?

Economics