Demand tends to be ________ in the short run than in the long run.
A. less important
B. more elastic
C. more variable
D. less elastic
Answer: D
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Refer to Scenario 1-1. Using marginal analysis terminology, what is another economic term for the incremental revenue received from the sale of the last 3,000 cell phones?
A) marginal revenue B) gross profit C) sales revenue D) gross earnings
What is the difference between an autonomous change in spending and an induced change in spending?
What will be an ideal response?
Sandy's current consumer surplus for candy is 20. Candy is an inferior good for her. When her income increases and the price of candy remains unchanged, her consumer surplus will
A) increase. B) decrease. C) remain the same. D) Not enough information.
Refer to the above data. What level of total utility is realized from the equilibrium combination of J and K determined in the previous question?
A) 156 utils B) 124 utils C) 276 utils D) 36 utils