The demand for a product is likely to be more elastic
A. the shorter the time the consumer has to adjust to price changes.
B. the lower the price of the good.
C. the fewer the number of good substitutes.
D. the less the essential nature of the good.
Answer: D
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The automobile, steel, and oil markets are all examples of:
a. perfectly competitive markets. b. monopolies. c. monopolistically competitive markets. d. oligopolies.
A technological advance that increases the marginal product of labor will
A. decrease the demand for labor. B. increase the supply for labor. C. decrease the supply for labor. D. increase the demand for labor.
Which of the following describes the relationship of price and quantity supplied based on the law of supply?
a. Firms are willing to produce a greater quantity of a good when the price of the good is higher. b. Firms' production levels are not correlated with the price of a good. c. The supply curve slopes downward. d. As price increases, producers have more market power than consumers.
When a producer can control the market price for the good it sells, the producer
A. Is certain to make a profit. B. Is an entrepreneur. C. Has market power. D. Is a perfectly competitive firm.