Which of the following is more likely to have perfectly elastic or nearly perfectly elastic demand?
A. the guitar produced by a master craftsman
B. a textbook required for an economics course
C. cotton produced by a Texas farmer
D. the services offered by the only allergist in the community
Answer: C
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Offshoring by domestic firms causes job losses not job expansion in the home market
Indicate whether the statement is true or false
Refer to Figure 9.6. Before this policy was implemented, producer surplus was
A) $10. B) $2000. C) $4000. D) $6000. E) $12000.
The growth records of Japan and Hong Kong during the last fifty years indicate that an economy can grow rapidly without
a. securely defined property rights. b. abundant domestic natural resources. c. significant capital formation. d. adopting modern technology.
A major impact of the transatlantic telegraph was
A) a reduction in time required to complete a financial transaction between New York and London B) an increase in labor flows across the Atlantic. C) a decrease in trade barriers between the United States and Europe. D) an increase in trade conflicts between the United States and Europe.