Unlike demand, the longer the time suppliers have to respond to a change in price, the less elastic is the supply curve
a. True
b. False
Indicate whether the statement is true or false
False
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As the U.S. became increasingly industrialized in the 19th century,
a. the poor got poorer. b. the rich got poorer. c. the income of the poor grew more slowly than the income of the rich. d. the income of the poor grew more rapidly than the income of the rich.
Which of the following statements is always true? a. An increase in price will lead to an increase in producer surplus along a supply curve. b. An increase in price will lead to an increase in consumer surplus along a demand curve. c. A price ceiling will lead to an increase in consumer surplus
d. A price floor will lead to an increase in consumer surplus.
The second phase of the industrial revolution first took place in ______ (a country) in the _______ (decade).
Fill in the blank(s) with the appropriate word(s).
The fiscal policy response to the recession of 2008-2009 was
a. a substantial increase in the budget deficit just as Keynesian analysis would recommend. b. a balanced budget, just as Keynesian analysis would recommend. c. a substantial increase in the budget deficit, which was highly inconsistent with Keynesian analysis. d. a shift of the federal budget toward a large surplus, which reflected the views of the critics of Keynesian economics.