If the price elasticity of demand is computed for two products, and product A measures .79, and product B measures 1.6, then:
a. product A is more price elastic than product B.
b. product B is more price elastic than product A.
c. consumers are more sensitive to price changes in product A than in product B.
d. product B is more price inelastic than product A.
e. products A and B must be substitutes.
b
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“The market has failed to provide enough rental housing in New York City. This demonstrates another failure of free markets-they may lead to shortages of necessities.” Explain why you agree or disagree.
What will be an ideal response?
________ is the process by which representatives from a union and from management negotiate a mutually agreeable contract specifying wages, employee benefits, and working conditions
a. Binding arbitration b. A strike c. Mediation d. Collective bargaining
Scarcity is a situation in which resources are unlimited in quantity and can be used in different ways.
Answer the following statement true (T) or false (F)
A free trade agreement plus a common set of tariffs toward non-members is called
A) a common market. B) a customs union. C) a free trade area. D) an economic union.