If consumer purchases of a good are highly sensitive to the price of the good, this is illustrated by a
a. demand curve that is relatively flat (more horizontal).
b. demand curve that is relatively steep (more vertical).
c. supply curve that is relatively flat (more horizontal).
d. supply curve that is relatively steep (more vertical).
A
You might also like to view...
Refer to the table above. If complete specialization occurs, and France has a labor force of 30,000 hours of labor, then after trade begins it will produce
A) 2000 units of grapes. B) 15,000 units of textiles. C) 2000 units of grapes and 6000 units of textiles. D) None of the above.
Private health insurance pays for what percentage of health care expenditures?
A. 0 B. 5 C. 40 D. 35
With technological developments, more resources are discovered which change production sets for countries and make world trade more and more beneficial
Indicate whether the statement is true or false
Rent seeking lowers profits by
a. shifting the market demand curve to the right b. shifting the market supply curve to the left c. shifting the ATC curve upward d. shifting the ATC curve downward e. flattening the marginal revenue curve