If supply and demand analysis is a measure of how, then elasticity is a measure of:
A. how much.
B. when.
C. why.
D. how quickly.
A. how much.
You might also like to view...
How can a person argue that health care services in America are provided efficiently, but not fairly?
What will be an ideal response?
Productivity growth is important because: a. it is the only way an economy can increase GDP
b. a small decrease in productivity growth causes a large decline in GDP. c. a large increase in productivity growth causes a small decrease in GDP. d. it causes an increase in the quantity of all resources available to an economy. e. it ultimately increases a nation's standard of living.
Households buy in the resource market and sell in the product market
Indicate whether the statement is true or false
The economist George Stigler offered support for the Sherman Act when he said
A) competition can only be preserved by protecting competitors from cutthroat competition. B) conglomerate mergers could not be prevented or regulated if it were not for the Sherman Act's prohibition of combinations in restraint of trade. C) predatory pricing costs businesses more than it saves consumers. D) the ghost of Senator Sherman is an ex officio member of the board of directors of every large company. E) the Sherman Act is essential if the Clayton act is to be enforceable in any way.