Which of the following will cause demand to be relatively elastic?
a. There are few substitutes
b. The time interval is relatively long
c. The good is considered a necessity
d. The good involves a relatively small portion of the consumers' budget
e. The time interval is relatively short
B
You might also like to view...
? Refer to Table 4-1. At $10, what is the surplus?
A. 4,500 B. 3,000 C. 1,500 D. 0
The production function graphs the relationship between
A) nominal GDP and real GDP. B) real GDP and the quantity of labor employed. C) real GDP and capital. D) nominal GDP and the quantity of labor employed. E) real GDP and the supply of labor.
The figure above shows the market supply curve for pizzas. a) What is the marginal social cost of the 20th pizza? b) What is the minimum supply price of the 20th pizza? c) If the price is $6 per pizza, what is the producer surplus for the 20th
pizza? d) If the price is $6 per pizza, what is the total producer surplus? e) If the price is $8 per pizza, what is the total producer surplus? f) If the price is $10 per pizza, what is the total producer surplus?
Externalities occur when a transaction directly impacts all the people involved in the transaction
a. True b. False Indicate whether the statement is true or false