Demand will be more elastic when
a. the time the consumer has to adjust to price changes is short.
b. the price of the good is low.
c. the number of good substitutes is large.
d. the consumption of the good is essential.
C
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Suppose this economy is currently closed. ________ is/are most likely to want open trade, and ________ is/are most likely to oppose opening the economy to trade. 
A. bike manufacturers; bike purchasers B. the government; bike purchasers C. bike manufacturers; the government D. bike purchasers; bike manufacturers
Using the DD model, explain what happens to out put when Government demands increase. Use a figure to explain when it is taking place
What will be an ideal response?
Refer to the above figure. The points between A and B are known as
A) a peak. B) a trough. C) an expansion. D) a contraction.
Corporations are able to raise large amounts of financial capital because
A) of the tax breaks corporations are given relative to partnerships or proprietorships. B) of the elimination of the problem of separation of ownership and control. C) of limited liability and the treatment of a corporation as an individual entity. D) of their greater ability to monitor the performance of decision makers.