Demand for oil around the world tends to be very inelastic
Indicate whether the statement is true or false
TRUE
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Which of the following shows the combination of two products that have the same utility or satisfaction?
A. Production possibility curve B. Insignificance curve C. Demand curve D. Indifference curve
Suppose y = Ak1/4, the capital-labor ratio is $40,000 per worker, the level of total factor productivity is 800, 70% of the population works, and there are 70 million workers. Real GDP per capita is
A) $3,500.00. B) $5,543.72. C) $7919.60. D) $9,899.50.
As entry of new firms occurs in an existing monopolistically competitive industry, the
a. market demand curve will shift to the right b. market demand curve will shift to the left c. demand curves of existing firms shift to the right d. demand curves of existing firms will become more price elastic e. market supply curve will shift to the left
Long-lasting resources used to expand the production of goods and services in the future are called
a. consumables. b. capital goods. c. consumer durables. d. inventories.