Suppose two demand curves intersect and so have a point in common. At that point, demand shown by the steeper curve will be ________ the flatter curve.
A. as elastic as
B. more likely to be unit elastic than
C. more elastic than
D. less elastic than
Answer: D
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The supply curve of reserves is:
A) downward sloping. B) vertical. C) upward sloping. D) horizontal.
Personal computers are becoming less expensive as new technology reduces the cost of production. In a supply and demand model, explain the effects of the technological innovations and their effect on the quantity of computers
What will be an ideal response?
The many goods and services that are sold below the radar, outside of official records take place in the:
A. underground economy. B. soft market. C. illegal economy. D. None of these statements is true.
Disposable income is defined to be:
A. total income minustaxes. B. total income plus taxes. C. total income minus depreciation. D. All of these are true.