In general, the demand for a product is more elastic in the long run than in the short run.
Answer the following statement true (T) or false (F)
True
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Explain how games with more than three players are represented graphically
What will be an ideal response?
When consumers have asymmetric information and when search costs and the number of firms are large, a single-price equilibrium in a competitive market
A) is impossible. B) occurs when price equals average cost. C) occurs when price equals marginal cost plus the search cost. D) occurs when the price is the price a monopoly would set.
Over a given period of time, if exports are greater than imports, the result is
A. An embargo. B. A trade war. C. A trade surplus. D. A trade deficit.
People will choose to specialize and trade if they can acquire the goods they want:
A. from a capitalistic system of exchange. B. from someone who is willing to trade with them. C. at a lower cost than it would cost them to make the goods themselves. D. at a higher cost than it would cost them to make the goods themselves.